Lowe's (LOW) management expects the impact of tariffs to be "more meaningful" in H2 after they remained "minimal" in Q2, Oppenheimer analysts said in a Thursday note, citing commentary from the company's senior leadership.

Oppenheimer analysts said that the acquisition of Artisan Design Group did not have a meaningful impact on Q2 results, but is expected to contribute about $1 billion to fiscal 2025 sales.

The home improvement company said it will acquire Foundation Building Materials for $8.8 billion in cash and that the company's management plans to keep share buybacks suspended through the rest of the year, the analysts said. Lowe's management also said that Foundation Building Materials results are not currently factored into fiscal 2025 guidance, according to the note.

Oppenheimer has an outperform rating on the stock with a $305 price target.

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