UPDATE: Jefferies Reiterates On Lowe's Companies On Muted Stock Reaction

In a report published Thursday, Jefferies analyst Daniel Binder reiterated a Hold rating on Lowe's Companies (NYSE: LOW), and raised the price target from $45.00 to $47.00.

In the report, Jefferies noted, “Despite improvement in May trends, LOW shares saw a muted stock reaction as investors focused on the wider comp gap with HD and questioned the company's ability to still hit FY comp guidance. After adjusting for the 150 bps weather impact, LOW was below the 4% comp plan for the year when plan implied it should be above. A big Q2 will ease concerns, which will at least require recent sales momentum to flow through the rest of Q2.”

Lowe's Companies closed on Wednesday at $45.41.