RBC Capital analyst Steven Shemesh lowered the firm’s price target on Home Depot (HD) to $340 from $377 and keeps a Sector Perform rating on the shares after its Q1 results. The company delivered a modest Q1 earnings beat but housing turnover remains stalled and the demand and cost outlook have deteriorated, the analyst tells investors in a research note. RBC adds that it continues to struggle in finding a catalyst for Home Depot’s numbers to move higher.
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