"They're both terrific companies, but the market is already granting a lot of that improvement in the stock price in our view," he said.
Lowe's earnings were boosted by sales tied to super storm Sandy, which hit just days before the end of the third quarter. Bugatch stressed that determining the financial impact on Lowe's sales would be difficult.
"I think that the way you should look at it quite frankly is that this is going to be an extended impact of rebuilding and seeing that in the numbers is going to be ... very hard to quantify and it's going to happen over an extended period of time into 2013," he said.
—By CNBC.com's Katie Little; Follow Her on Twitter @katie_little
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Raymond James & Associates received non-investment banking securities-related compensation from Lowe's within the past 12 months. The covering analyst and/or research associate owns shares of the common stock of Home Depot and Wal-Mart Stores.