Bernstein was on the sidelines on Lowe's since it initiated coverage in December.
"Margin expansion + Pro momentum + strengthening ROIC + a market poised to improve = we're in," said analyst Dean Rosenblum.
Rosenblum forecasts Lowe's will continue to expand its operating margin over the next two years.
"LOW's has shown impressive Pro sales growth for the last 10 quarters, outgrowing HD in the first two quarters of FY23.
Bernstein is also bullish on the overall U.S. home improvement market over the the medium to long term.
Persons:
Bernstein, Dean Rosenblum, Rosenblum, Lowe's, LOW's, " Rosenblum, — CNBC's Michael Bloom
Organizations:
Home
Locations:
Friday's, Lowe's