Home Depot price target lowered to $332 from $340 at Citi

Citi analyst Steven Zaccone lowered the firm’s price target on Home Depot to $332 from $340 and keeps a Buy rating on the shares. The company’s flat same-store-sales guidance may not be conservative enough if the home improvement spending environment weakens in a recession scenario, the analyst tells investors in a research note. However, Home Depot has a strong track record on opex execution, implying its initial EBIT margin guidance of 14.5% could be conservative, the firm says.