Lowe's tumbles on downgrade

Investor's Business Daily

Some of the No. 2 home improvement chain's efforts to revamp inventory and reshuffle management are "misguided," and "counterproductive," Canaccord Genuity noted in downgrading it to sell, from hold. With a 40% share run-up in '12, the firm believes Lowe's (LOW) shares are overpriced. The brokerage notes that Lowe's sales are growing more slowly than those of larger rival Home Depot (HD). Shares fell 2.3% to 34.76.

View Comments (0)