HSBC downgraded Home Depot to Reduce from Hold with an unchanged price target of $323. The company’s Q4 results were basically in line with estimates, but its sales momentum “remains poor, weighing on short-term profitability,” the analyst tells investors in a research note. The firm says “muted” industry fundamentals and macro headwinds make the 2024 outlook challenging for the home improvement market. It cites valuation and a lack of near-term catalysts for the downgrade.
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