Oppenheimer has increased its price target for home improvement retailer, Lowe’s Companies, Inc.(LOW) on Wednesday.

The firm has given LOW a rating of “Outperform,” and has increased its price target to $42. This price target suggests a 23.8% increase over the stock’s current price of $31.97.

Analysts have increased the company’s price target due to an upcoming positive inflection point.

Lowe’s shares were up 53 cents, or 1.66% during premarket trading Wednesday. The stock is up 25.97% YTD.

The Bottom Line
Shares of Lowe’s (LOW) have a 2.00% dividend yield, based on last night’s closing stock price of $31.97. The stock has technical support in the $28-$30 price area. The stock is trading near the all-time high range of $33-$34 a share.

Lowe’s Companies, Inc.(LOW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.