Shares of Lowe's LOW have fallen over 9% in last month amid the broader market downturn. With that said, Home Depot HD posted stronger-than-expected quarterly earnings results Tuesday and raised its full-year earnings guidance. So, might now be time to think about buying Lowe’s stock? Let’s take a look at its Q3 outlook and some fundamentals to find out.Q3 Retail Overview Home Depot, Macy’s M, and Walmart WMT helped kick off the busy part of Q3 earnings season for traditional brick-and-mortar retailers. All three reported solid results, yet retail stocks saw a bit of a pullback overall.As of Friday morning, 63.2% of the retailers in the S&P 500 had reported their quarterly results, which includes the likes of Amazon AMZN and restaurants. This groups’ earnings were up 30.5% on 6.9% higher revenues. Plus, 91.7% had topped quarterly EPS estimates and 70.8% beat revenue projections. Looking ahead, we are stilling waiting on reports from Target TGT and other big-time retailers (also read: Pullback in Retail Stocks Reflects Elevated Expectations).LOW Stock Price Movement As we mentioned at the top, shares of Lowe's have plummeted over 9% in the last month. Shares of LOW closed regular trading Friday at $93.25, which marked a roughly 21% downturn from their 52-week and all-time high of $117.70 a share.Jumping back over the last year, the home improvement retailer’s stock is up 16%, which outpaces the S&P 500’s 6% climb and its industry’s 9% jump. Plus, we can see that LOW stock has performed rather well over the past five years. ValuationMoving on, LOW is currently trading at 16.1X forward 12-month Zacks Consensus EPS estimates. This marks a slight discount compared to the S&P’s 16.4X and its industry’s 24.5X. Lowe’s is also trading below Home Depot’s 17.6X.Over the last year, LOW has traded as high as 22.9X, with a one-year median of 17.1X. Lowe’s stock is currently trading above its year-long low of 14.5X. Looking back over the last five years, we can see that LOW’s valuation hardly appears stretched at the moment. Q3 OutlookOur current Zacks Consensus Estimate is calling for Lowe’s to post Q3 revenues of $17.33 billion, which would mark a 3.33% jump from the year-ago period. We should note that the company’s Q2 revenues popped 7.1% and topped estimates.Maybe more importantly, the retailer’s same-store sales are projected to jump 2.95% from the year-ago quarter when comps jumped 5.7%. Sales at Lowe's stores open for at least 12 months popped 5.2% in the second quarter. Meanwhile, the company’s full-year revenues are projected to climb by 4.2% to reach $71.49 billion.At the bottom end of the income statement, Lowe’s adjusted quarterly earnings are projected to fall 7.62% to touch $0.97 per share. The home improvement retailer’s adjusted fiscal 2018 earnings are expected to climb by nearly 17.8% to reach $5.17 per share. Investors also need to know that Lowe’s has seen its earnings estimate revision picture turn rather negative over the last 30 days. The two charts below help to show how the company’s earnings picture has trended recently.Bottom Line Lowe’s is currently a Zacks Rank #3 (Hold). LOW stock has also been trending in the wrong direction as have its earnings estimates. Therefore, it might be best just to keep an eye on Lowe’s for now.The company is set to release its Q3 financial results before the opening bell onTuesday, November 20.Today's Stocks from Zacks' Hottest StrategiesIt's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.See Them Free>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Lowe's Companies, Inc. (LOW): Free Stock Analysis Report The Home Depot, Inc. (HD): Free Stock Analysis Report Walmart Inc. (WMT): Free Stock Analysis Report Target Corporation (TGT): Free Stock Analysis Report Macy's, Inc. (M): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research