Home Depot price target lowered to $376 from $401 at RBC Capital

RBC Capital analyst Steven Shemesh lowered the firm’s price target on Home Depot (HD) to $376 from $401 and keeps a Sector Perform rating on the shares. The company’s Q3 earnings miss and guide-down were in part due to exogenous factors such as weather and the inclusion of GMS, but even so, category demand seems to be running softer than anticipated, the analyst tells investors in a research note. RBC adds it is struggling to find near-term catalysts to drive home improvement category demand, especially as consumer data points seem to suggest a deteriorating macro.