Goldman Sachs upgrades Lowe's to buy

Sept 2 (Reuters)- Goldman Sachs upgraded Lowe's Companies (LOW.N: Quote, Profile, Research, Stock Buzz) to "buy" from "neutral," citing in part a stabilizing housing market.

The brokerage said housing turnover declines moderated again in July to 15.5 percent from 17.9 percent in June, the fifth consecutive improvement and the smallest drop since July 2007.

Declines in existing home sales slowed to 12.4 percent from 15 percent in June, it noted.

Goldman, which raised its 12 month price target on the company by $1 to $28, said the company and street expectations still appear reasonable after a strong second quarter.

Shares of Lowe's closed at $24.64 Friday on the New York Stock Exchange.

Source: Reuters