2025-05-26-Jefferies-劳氏公司（LOW）_洞察_第三方在线市场的影响_7页_104kb

Equity Research Summary: Lowe's Cos.

• Insight & Recommendation: The report reiterates a BUY rating for Lowe's Companies, Inc. (LOW) with a price target of $275 (+24% upside from the prior close of $221.07). The core insight centers on the successful integration of third-party (3P) online marketplaces, which is expanding Lowe's ability to scale commission revenue and optimize inventory. The report highlights a robust pipeline of 3P sellers, with vendor counts rising to the high hundreds, enabling broader SKU assortment and improved working capital efficiency. 3P marketplaces also amplify opportunities for Lowe's Retail Media Network.

• 3P Marketplace Impact: Lowe's marketplace supports over hundreds of active 3P sellers, with new SKUs and rising GMV driving incremental sales. Evidence from retailer peers underscores the potential: B&Q achieved 41% e-commerce revenue penetration from 3P, Best Buy saw 1 in 4 online items shipped via marketplace SKUs, and others expanded assortment breadth and revenue without direct inventory investment.

• Valuation & Risks: The price target is based on ~20x 2026 EPS and ~14x 2026 EBITDA. Risks include heightened online competition, deteriorating housing affordability, higher interest rates, and potential margin pressures. The current valuation reflects lower margins and higher leverage relative to peers like Home Depot.

• Key Learnings: 3P platforms enhance funding for operations and innovation. Scale in marketplaces strengthens retail media and inventory management, offering a competitive edge in digital commerce.