Home Depot price target lowered to $430 from $475 at DA Davidson

DA Davidson lowered the firm’s price target on Home Depot (HD) to $430 from $475 but keeps a Buy rating on the shares. The company’s earnings call confirmed that the earnings miss and guide down were primarily due to tougher comparisons against last year’s storm season, the analyst tells investors in a research note. The firm adds however that while the company’s operating margins shift towards the lower margin wholesale businesses of SRS and GMS, Home Depot’s investments position it well to capitalize on a recovery in housing while it continues to gain share in a weak environment.