Lowe's Companies, Inc. (NYSE:LOW) shares rose more than 3% yesterday following the company’s reported Q3 results, with EPS of $3.27 coming in better than the Street estimate of $3.08. Revenue was $23.5 billion, beating the Street estimate of $23.12 billion.

The company provided its fiscal 2023 outlook, expecting EPS to be in the range of $13.65-$13.80, compared to the Street estimate of $13.54. Full-year revenue is expected in the range of $97-98 billion, compare to the Street estimate of $96.97 billion.

Analysts at Oppenheimer said they look very favorably upon recent trends at the company and believe that the chain's persistent sales and profit strength and upside reflect management capitalizing well upon a still healthy backdrop for home improvement and significant, internal repositioning efforts that have taken hold over the past few years.