Barclays lowered the firm’s price target on Home Depot to $325 from $330 and keeps an Equal Weight rating on the shares. The analyst expects the Q3 results for Home Depot and Lowe’s to be weaker than Q2 and potentially below consensus. The firm believes Q4 and fiscal 2024 numbers need to come down. Potentially peaking rates provide some stock support, but the risk is still weaker demand for longer, with trouble well into 2024, the analyst tells investors in a research note.
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