Brighter Skies Likely Ahead for Lowe’s: Pro

Following a 66 percent rise in Home Depot shares and a 45 percent run in Lowe's stock during the past year, one analyst said the rivals' stocks are now trading at very similar valuations.

On Monday, Lowe's reported a that beat Wall Street's estimates and raised its full-year sales forecast.

"The company is starting to perform pretty well and has probably some brighter skies ahead of it," said Budd Bugatch, a managing director at Raymond James & Associates.