Cleveland Research Lowers Estimates on Home Depot and Lowe's
Bosshard noted that the softer sales growth is mainly "unit/ traffic driven". The analyst cut Home Depot's Q3 comp sales estimate from 7% to 6.5% and Q4 estimates from 6% to 5%. Home Depot had the largest intraday drop since August 15, down as much as 2.6%.
Cleveland Research lowered Lowe's Q3 comp sales estimate from 5.5% to 5% and Q4 estimates from 5% to 4.5%. Lowe's shares has also seen a big drop of 2.8%, the biggest hit since June 20th.
On October 3rd, Cleveland Research published a report Raising Q3 estimates. Home Depot closed at 75.74 and Lowe's closed at 49.02 on Thursday.
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