Despite falling 23% in 2022, home improvement retailer Lowe's Companies (NYSE: LOW) has seen its stock climb 448% over the past decade, an outstanding return that doesn't include the company's generous dividends. That performance handily crushes the S&P 500's return during the same time. 

As of this writing, Lowe's shares are trading hands at $205, but some optimistic investors might be wishing for it to hit $300 by the end of 2023, equal to an impressive 46% gain. Let's see if that's even a possible scenario. 

Right now, Lowe's stock carries a price-to-earnings (P/E) ratio of 20, which is below its trailing-five-year valuation. Assuming this P/E multiple stays constant throughout the year -- an unlikely situation that's also hard to predict -- then earnings per share (EPS) must jump a whopping 46% in fiscal 2023 for the stock to hit the $300 mark. 

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Source Fool.com