Share Gains Continue; Same-Day Delivery a Stand-Out

研报英文原文证据摘录

Share Gains Continue; Same-Day Delivery a Stand-Out

USA | Hardlines

Lowe's Cos. EquityMayResearch20, 2026

TARGET | ESTIMATE CHANGEShare Gains Continue; Same-Day Delivery a

RATING BUYStand-Out

PRICE $218.37^

LOW outperformed HD's U.S. comp in 1Q, and we believe MyLowe's perks are

resonating and helping drive that outperformance. While tougher compares lie PRICE TARGET | % TO PT $278.00 ($305.00) | +27%

ahead, LOW has proven its ability to gain share through challenging backdrops. 52W HIGH-LOW $293.06 - $210.33

With higher fuel costs adding to the macro pressures, we remain confident in FLOAT (%) | ADV MM (USD) 99.9% | 567.39

management's ability to navigate the headwinds and deliver on their targets. MARKET CAP $122.3B

Reiterate BUY. TICKER LOW ^Prior trading day's closing price unless otherwise

noted.

Everything Down the Fairway for 1H vs. Initial Expectations. 1Q comp landed in line with

management's sub-1% guidance, and a 2Q guide of ~1% confirms what we suspected heading into

FY (Jan) CHANGE TO JEFe JEF vs CONS

the year: The path to the full-year comp leans on the back half. With today's results, LOW remains

2025 2026 2025 2026

on track, and a reiteration of guidance suggests more comp support is needed in 2H. We see that

as achievable, given easier ticket compares in the back half, continued market share gains, and REV NA NA NA NA

greater help from transactions ahead. EPS NA NA NA NA

Same-Day Delivery for Orders >$25 Fueling Digital Momentum. Same-day delivery to loyalty 2025 ($) Q1A Q2A Q3A Q4A FY

members added another layer of value and was a key catalyst behind the +15.5% growth in the EPS 3.06 4.10 2.89 1.93 11.99

e-comm biz. With the refreshed front-end layout making fulfillment options more visible, early PREV

consumer response has been constructive.