Lowe's gets upgrade from Credit Suisse: Low mortgage rates should boost store foot traffic

An employee secures the lid of a Valspar Corp. paint can for a customer inside a Lowe's store in Burbank, California.
Patrick T. Fallon | Bloomberg | Getty Images

Low mortgage rates and increased home improvement spending are going to help lift Lowe's stock, according to Credit Suisse.

The firm upgraded the stock to outperform from neutral and hiked Lowe's 12-month price target to $129 per share from $114 per share.

More In Pro News and Analysis

CNBC ProArk Invest’s Cathie Wood: 'Too much money' is chasing too few good opportunities in SPACs
CNBC ProBeware the strategy of buying unprofitable tech stocks, Bernstein warns
CNBC ProMike Santoli’s market notes: Stocks churn near highs, but how long will this rally continue?