#8 - Lowes (NYSE:LOW)
At the time of this writing, Lowe’s (NYSE: LOW) stock is down 27% in 2022. That’s not surprising because few investors expected the housing market to stay as red-hot as it was in 2020 and 2021. However, in the month ending July 18, 2022, LOW stock is up 8%.
There’s a simple reason to explain this apparent contradiction. Home improvement stocks perform well when the housing market is strong. However, they also tend to beat the market even when the housing market weakens. Those are the conditions we’re looking for when identifying recession-proof stocks to own.
Analysts have been lowering their price targets for Lowe’s in the past month. However, the consensus targets still give LOW stock a 28% gain from its current level. And that doesn’t include the company’s dividend. In May 2022, the company increased its quarterly dividend to $1.05 per share. That makes it 48 consecutive years of dividend increases for the home improvement giant.
About Lowe's Companies
Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It also provides home improvement products, such as appliances, seasonal and outdoor living, lawn and garden, lumber, kitchens and bath, tools, paint, millwork, hardware, flooring, rough plumbing, building materials, décor, and electrical.
Read More - Current Price
- $261.83
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 14 Buy Ratings, 11 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $271.60 (3.7% Upside)
