UPDATE: Lowe's Downgraded At Canaccord Amid Management Changes

In a report issued Wednesday, Canaccord downgraded its rating of Lowe's Companies (NYSE: LOW) from Hold to Sell with a new target price of $37.

Analyst Laura Champine sees that a loss of experience in merchandising and customer experience will greatly affect Lowe's. Champine estimates a reduction in the growth rate from five percent to three percent.

In addition to in-house issues, tough competition and a bad housing market will also play a role in a bleak future for Lowe's.

Lowe's is down 0.9 percent to $47.35 in pre-market activity.