BofA lowered the firm’s price target on Home Depot to $340 from $363 and keeps a Buy rating on the shares. While noting that the Home Depot’s Q3 same-store sales decline of 3.1% was the fourth consecutive quarter of negative comps, the firm think shares reflect macro risk, but not market share strength. The firm thinks that Home Depot is not getting due credit for maintaining sales materially above pre-pandemic levels, nor for consistently outselling the broader home improvement category, but cites lowered 2023-2025 estimates for sales and earnings to reflect the near-term headwinds for its lowered price target.
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