Home Depot price target lowered to $410 from $470 at JPMorgan

JPMorgan lowered the firm’s price target on Home Depot (HD) to $410 from $470 and keeps an Overweight rating on the shares. The firm reduced Q1 comp estimates “on another late Spring.” Based on its industry and data work, JPMorgan reduced Home Depot’s U.S. comp estimate to down 1% versus the Street’s up 0.2% expectation. Spring has been both late and choppy with the outlook remaining mixed for the balance of the season, the analyst tells investors in a research note.