With Hurricane Ian still gaining momentum, home improvement stocks, like Lowe’s Companies (LOW) are on the move. In fact, this segment is “naturally positively exposed to preparation and recovery efforts,” says Morgan Stanley. These “typically see a boost in sales post-storm as damaged property is repaired.”
At the moment, Lowe’s is oversold on RSI, MACD, and Williams’ %R. From a current price of $187.67, we’d like to see the stock refill its bearish gap around $205, near-term. Also, over the last month several firms raised their price targets on the LOW stock. Truist, for example, raised its price target from $237 to $263. UBS raised its target from $240 to $250. Wedbush raised its target price from $200 to $225.
If you’re in the path of Hurricane Ian, please stay safe.