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