Guggenheim analyst Steven Forbes said his two main takeaways from the "solid" Q3 report from Lowe's as the company's "positive message" on Q4 expectations for comps, gross margin, and expense ratio and his belief that expense leverage will be a greater than anticipated contributor to EBIT margin in 2020. The consensus expectation for gross margin of 32.2% in 2020 appears "reasonable," added Forbes, who sees the potential for meaningful comp improvement once e-commerce growth inflects in the second half of next year. He keeps a Buy rating on Lowe's shares and raised his price target on the stock to $135 from $130 following yesterday's earnings report.