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UPDATE: Canaccord Genuity Lowers Price Target on Home Depot to $54 on Slowing Sales Momentum

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In a report published Tuesday, Canaccord Genuity maintained its Hold rating and lowered the price target on Home Depot's (NYSE: HD) from $57 to $54.

Canaccord Genuity reported that, “HD reported operating EPS of $0.67, excluding a $0.01 benefit related to earlier store closure charges, versus our $0.63 estimate and consensus of $0.64. Q4 SSS increased 7% on top of +5.7%, versus Lowe's (LOW: NYSE: $35.86 | SELL) +1.9% on top of +3.4%. Based on the $242MM in storm-related sales, we calculate Hurricane Sandy added roughly 200bps to SSS.”

Home Depot shares closed at 67.10 on Monday.

Latest Ratings for HD

DateFirmActionFromTo
Jun 2016NomuraUpgradesNeutralBuy
Jun 2016BTIG ResearchInitiates Coverage onBuy
May 2016Topeka CapitalInitiates Coverage onBuy

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Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings

 

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