Lowe’s Cuts 600 Corporate Roles, Bernstein Raises Target to $313
Lowe’s will cut about 600 corporate and support roles (under 1% of workforce) to reallocate resources to store operations, providing affected employees with financial assistance. Bernstein lifted its price target to $313 from $284 while maintaining an Outperform rating and lowering Q4 comparable sales outlook by 40–50 basis points.
1. Workforce Reduction Plan
Lowe’s will eliminate roughly 600 corporate and support positions, representing under 1% of its total workforce, to shift focus and resources toward store operations and customer-facing staff.
2. Employee Support Measures
Affected employees will receive financial assistance, continued benefits for a limited period, and career transition support to facilitate new employment opportunities.
3. Bernstein Rating and Forecast Adjustments
Bernstein raised its price target to $313 from $284 and reiterated an Outperform rating, while reducing its fiscal fourth-quarter comparable sales forecast by 40 to 50 basis points due to winter storm disruptions affecting professional projects.