Lowe's (LOW) Workforce Reduction Comes as Bernstein Maintains Bullish Rating

Lowe’s Companies, Inc. (NYSE:LOW) is included among the 16 Best Dividend Stocks with Rising Payouts.

On February 13, Reuters reported that Lowe’s Companies, Inc. (NYSE:LOW) plans to cut about 600 corporate and support positions, accounting for less than 1% of its total workforce. A company spokesperson explained that the move is intended to shift more focus and resources toward store operations and the employees who interact directly with customers. The spokesperson also said Lowe’s would provide affected workers with financial support, continued benefits for a limited time, and assistance with finding new career opportunities.

On February 18, Bernstein raised its price recommendation on Lowe’s to $313 from $284. It reiterated an Outperform rating on the stock. The firm noted that expectations heading into the Q4 home improvement earnings season remain modest. Bernstein also reduced its comparable sales forecast for the quarter by 40bps–50bps, pointing to recent winter storms that likely disrupted professional projects and slowed homebuilding activity.

Lowe’s Companies, Inc. (NYSE:LOW) operates as a home improvement retailer, offering a wide range of products used in construction, maintenance, repairs, remodeling, and home decoration.

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