Lowe’s Commits to Hire 50,000 Workers and Pay Additional $80M in Bonuses
Home improvement company Lowe’s has announced that it intends on hiring more than 50,000 front-line workers this Spring and has set aside an additional $80 million to be used as discretionary bonuses.
Lowe’s (LOW) serves more than 18 million customers a week across the U.S. and Canada and has hired more than 90,000 permanent employees over the past year alone. It supports its communities through programs that are focused on creating safe, affordable housing and training and up-skilling the people it serves.
“As we approach spring, I am enormously proud of the way our associates have served customers and supported each other this past year through an unprecedented health crisis,” said Marvin R. Ellison, Lowe’s president and CEO.
“We are honored to be an essential business to help our customers keep their homes safe and functional during these very challenging times. We’re pleased to provide this additional bonus to support our current associates and excited to welcome these new associates so we can better serve customers across the country,” he added. (See LOW stock analysis on TipRanks)
R5 Capital analyst Scott Mushkin upgraded LOW last month to a Buy from a Hold last month and set his price target at $195. This implies upside potential of around 14% from current levels.
Reasons for Mushkin’s bullishness include his belief that the housing market will remain strong as the economy starts to re-open post-COVID and that LOW shares are relatively undervalued compared to the S&P 500.
Consensus among analysts is a Strong Buy based on 11 Buys and 1 Hold. The average price target of $203.83 suggests upside potential of around 19% over the next 12 months.
Lowe’s scores an 8 out of 10 on TipRanks Smart Score, which implies that it is likely to outperform the market moving forward.
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