Evercore ISI is initiating a tactical underperform call on Home Depot into Q4 earnings and adding the stock to the firm’s "Tactical Underperform" list. Increased mortgage rates, falling existing home sales, decelerating house prices and web traffic being off to a slower start year-to-date compared to the last two years all lead the firm to believe Home Depot will guide cautiously for 2023. Evercore, which reduced its own 2023 EPS estimate for Home Depot to $16.25, down from $17 before, has an Outperform rating and $370 price target on the shares.
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