RBC Capital analyst Steven Shemesh initiated coverage of Home Depot with a Sector Perform rating and $303 price target. There are a lot of reasons to like the story over the long term, but various macro factors, including high rates, persistent inflation, and shift from goods to services, skew Home Depots near-term earnings risk to the downside, the analyst tells investors in a research note. The firm believes increased clarity around the trajectory of rates is needed to get more constructive on the shares.
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