Oppenheimer upgraded Lowe’s to Outperform from Perform with a price target of $400, up from $345, suggesting upside potential of more than 15% from current levels. The firm is assuming a “somewhat more constructive stance” on the shares of the leading home improvement retail chains. Prospects for demand trends within home improvement retail and at leading operators will “gradually solidify and return to normalized expansion algorithms” as lower lending rates spur improved housing activity and likely support ongoing home price appreciation and encourage shoppers to undertake larger ticket purchases, the analyst tells investors in a research note. Opco says its more upbeat stance on Lowe’s reflects a still discounted share valuation and “ongoing operational slack” within the company’s business model.