Lowe's is currently trading at $51.41, with the stock up 13% since its first-quarter results for 2014 were released in May. Although these figures missed analysts' estimates in terms of EPS and revenue, the company raised its full-year EPS forecast to $2.63 from $2.60. Sales had been strong despite a long and protracted winter; indoor products like light bulbs were in demand which offset the decline in sales of building materials.
A pick-up in US consumer confidence and housing data helped Home Depot, which announced better-than-expected second-quarter EPS and revenues this lunchtime. Lowe’s stock rallied on the back of it.
Equity analysts are bullish on Lowe’s for Q2: out of the 29 recommendations, 14 are buys, 13 are holds and two are sells. If summer sales were strong and the full-year outlook is maintained, or even upped, the stock may reach record highs.
The all-time high so far $52.05 was hit in November 2013. The stock is currently receiving support at $50.