With a home improvement boom triggered by government COVID-19 lockdown orders under way since 2020, Lowe's (NYSE:LOW) is planning a spring hiring fair next week at which it expects to add 50,000 employees to its payroll. Though many will be temporary, seasonal workers, the new hires are still potentially a barometer of Lowe's ongoing growth, considering they come on top of 90,000 more new employees added over the course of the past 12 months, according to today's press release.
Scheduled for May 4, the National Hiring Day is aimed at filling positions for "cashiers, retail associates, stockers and receivers, merchandising service associates, drivers, supervisors and Pro sales roles." Human resources VP Janice Dupre Little explains the hiring fair is a "simple and convenient way for any job seeker to apply for an open role," while the company indicates it's looking for both full-time and part-time workers.
Lowe's has attempted to capitalize on the growth of home improvement by expanding its appeal to contractors rather than simply the do-it-yourself (DIY) market. The move could greatly increase its revenue, assuming it can successfully draw in more business from this nearly trillion-dollar market.
The home improvement company has attracted several bullish analyst ratings during April. Back on April 14, Atlantic Equities assigned a $240 price target, an approximately 19% upside from its stock price at the time, along with an overweight rating. The analysis firm said it assesses "Lowe's as well-positioned to continue its transformation and see the company reaching its 12% margin target in FY21."
More recently, Wedbush Securities said Lowe's is positioned better than Best Buy to make the most of an expected retail surge as COVID-19 vaccinations help put the worst days of the pandemic in the rearview mirror.