Lowe’s Companies Inc (NYSE:LOW) shares remained volatile in early trading on Wednesday, after the company reported mixed results for its fiscal second quarter.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

BofA Securities On Lowe’s Companies

Analyst Robert Ohmes reiterated a Buy rating while reducing the price target from $280 to $275.

Lowe’s reported its quarterly adjusted earnings at $4.10 per share, surpassing estimates of $4.00 per share, Ohmes said. He added, however, that comps declined by 5.1% year-on-year, “driven by continued softness in DIY bigger-ticket projects and unfavorable weather which negatively impacted seasonal categories.”

The company’s gross margins contracted 19 basis points (bps) year-on-year to 33.5%, “as lower transportation costs and ongoing PPI initiatives were offset by continued supply chain investments,” the analyst stated. “LOW continues to gain traction with its Total Home strategy, which was reflected in positive 2Q growth in both Pro comps and online sales,” he further wrote.

RBC Capital Markets On Lowe’s Companies

Analyst Steven Shemesh maintained a Sector Perform rating while cutting the price target from $245 to $238.

Lowe’s delivered mid-single-digit growth in Pro comps and management attributed this strength to market share gains, Shemesh said. “The team specified that Pro growth is being driven by both increased spend by existing Pro customers and new Pro shoppers,” he wrote.

Despite the decline in comp sales, the company’s operating margin contracted by only 110 bps to around 14.4%, …

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