Lowe's Cos. missed Wall Street estimates for third-quarter comparable sales Wednesday, as customers remained wary of spending on big-ticket home remodels amid economic uncertainty and elevated borrowing costs.

Home improvement industry bellwether Home Depot cut its annual forecasts a day earlier, citing consumer worries over cost-of-living pressures and employment.

Lowe's shares, which fell on Tuesday following Home Depot's dour report, rose 5% in premarket trading on Wednesday as the company raised its annual sales target to $86 billion, from a prior range of $84.5 billion to $85.5 billion.

The home improvement retailer, however, trimmed its annual adjusted earnings per share forecast to about $12.25, compared with its prior target of $12.20 to $12.45.

Same-store sales rose 0.4% in the quarter ended October 31, compared with analysts' average estimate of a 1% growth, according to data compiled by LSEG.