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Lowe's downgraded on housing sector declines and possible back-to-work slowdown

·1 min read
Lowe's downgraded on housing sector declines and possible back-to-work slowdown
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Lowe's Cos. shares shed 2.8% in early Monday trading after the home improvement retailer was downgraded to neutral from outperform at Wedbush. Analysts cut the price target to $210 from $225. Wedbush cites weakness in the housing sector in its note, saying that existing home sales dollar turnover has peaked with minimal growth forecast for 2022. Less affordability and limited supply are also putting the squeeze on sales. "Accordingly, very tough comparisons could result in mid-single-digit decli