Home Depot price target lowered to $330 from $335 at Telsey Advisory

Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Home Depot to $330 from $335 and keeps a Market Perform rating on the shares. The analyst is more concerned about the near-term industry environment for home improvement given the “tough macro climate.” As such, the firm reduced Q3 and annual estimates for Home Depot after Lowe’s called out in its meeting that headwinds to the industry, such as from higher interest interest, inflation, and other macro factors, have intensified in impact and beyond anticipation since the end of August. Telsey believes Home Depot’s business is likely to remain under similar near-term pressure as Lowe’s.