UPDATE: Oppenheimer Downgrades Home Depot to Perform

Oppenheimer has published a research report on Home Depot

and has downgraded the company from Outperform to Perform. In the report, Oppenheimer wrote, "Home Depot has lately represented one of the best stocks in Hardlines and in the market broadly. Since Aug. 2011 lows, HD is up 111%, outperforming gains of 29% in the S&P 500 and 52% in our Opco Hardlines coverage. Our view remains that the US housing market is in the early stages of a prolonged recovery and that HD is positioned well to capitalize on improving demand trends within the Home Improvement category. We are concerned, however, that HD shares are now at a near-term valuation top. We do not envision a significant correction for HD. Instead, we expect shares to potentially trade sideways for a time as earnings catch up with a now premium multiple." Oppenheimer raised the price target from $61 to $67 on Home Depot, which is currently trading down one percent from Tuesday's $60.95 closing price.