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Jefferies Downgrades Lowes to 'Hold'

Jefferies cut Lowes Cos. (LOW) to hold.

Analyst Donald Trott regards Lowes as having considerable long term investment merit, but he thinks other things have changed. He thinks the valuation of home center co-leader Home Depot is still contracting, thereby putting a ceiling on Lowes' upside potential.

Trott says he is increasingly concerned about the effect of a potential stall in rising residential real estate values. Notwithstanding a correction, which he says has already occurred, Trott sees $1.73 fiscal 2003 (Jan.) EPS, and $2.08 for fiscal 2004.

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