Lowe's  (LOW) - Get Report was upgraded to overweight from neutral at Piper Jaffray and analyst Peter Keith also increased his price target to $130 from $113, citing a "higher projected growth and lower valuation."

Keith said in a note Tuesday that "fundamentals look poised for acceleration" in the second half of 2019 and into 2020, "yet expectations seem modest." He also raised his 2020 comparable-store sales estimate to 4% from 3%, which is above consensus of 3%.

Lowe's has 21 buys, 10 holds and one sell with an average price target of $121, according to Bloomberg data.

Lowe's shares were up 1.5% to $112.32 in premarket trading on Tuesday.