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Home Depot price target lowered to $306 from $350 at Stifel

Stifel analyst W. Andrew Carter lowered the firm’s price target on Home Depot (HD) to $306 from $350 and keeps a Hold rating on the shares. The firm now estimates Q3 EPS of $3.73, which would be down 12% year-over-year and is down from its prior forecast of $3.85, with its revision driven by a weaker comparable sales performance, the analyst tells investors in a preview note. The firm has reduced its FY24 outlooks for both Home Depot and Lowe’s (LOW) as it is taking “a more tepid view of the category recovery,” the analyst added.

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