ITG Analyst Says Home Depot Might Miss Q2 Street Views

The Home Depot's HD outlook was renovated Monday in light of what one analyst says is slower housing turnover and weaker remodeling activity.

ITG's John Tomlinson also said prices at the home improvement giant have continued to fall, citing a look at proprietary data.

Tomlinson trimmed his second-quarter revenue forecast to $23.38 billion, compared with the Street view of $23.62 billion.

Same-store sales for the second-quarter will grow 3.5 percent, Tomlinson forecasts, compared with analysts' average prediction of 4.6 percent.

Domestic same-store sales will rise 3.8 percent, Tomlinson predicted.

Home Depot plans to release second-quarter earnings August 14.

Shares closed Monday at $81.42, down 0.77 percent.