5 Home Improvement Stocks to Buy Now

2. Lowe’s Companies, Inc. (NYSE:LOW)

Number of Hedge Fund Holders: 65

Lowe’s Companies, Inc. (NYSE:LOW) is a Mooresville, North Carolina-based specialty retail company in the home improvement sector. Pershing Square was the leading hedge fund investor in Lowe’s Companies, Inc. (NYSE:LOW) during Q2 2022.

Following the company’s Q2 2022 results that were posted on August 17, Scot Ciccarelli at Truist increased the price target on Lowe’s Companies, Inc. (NYSE:LOW) from $237 to $263 and maintained a ‘Buy’ rating on the stock. The analyst highlighted that the customer trend for Lowe’s Companies, Inc. (NYSE:LOW) remains strong, with DIY sales showing signs of a positive inflection point, and profitability under control. Ciccarelli anticipates further re-rating during the second-half of 2022 and early 2023. While the analyst shared that the sentiments regarding the macroeconomic outlook and housing remain negative, the comparable sales for big-ticket items grew by 4.7% YoY, and there are no signs of trading down at Lowe’s Companies, Inc. (NYSE:LOW).