Home Depot stock price target lowered to $430 by BofA on Pro backlog softness

Lowe's Cos. reported profits exceeding expectations, driven by increased online sales and demand from professional contractors. This positive outcome contrasts with competitor Home Depot, which recently lowered its full-year profit forecast due to decreased consumer spending on larger purchases. Meanwhile, TJX Cos. raised its sales outlook, indicating a shift towards budget-friendly shopping options as economic pressures mount.

Bank of America (BofA) has reduced its stock price target for Agios Pharma from $54 to $32 following disappointing results from a trial related to sickle cell disease (SCD). This downgrade reflects concerns about the company's future performance and market position.

Bank of America (BofA) has lowered its stock price target for Progressive to $346, attributing this adjustment to the company's growth in auto policy. This decision reflects BofA's assessment of Progressive's market position and future performance potential.

The S&P 500 index closed down for the fourth consecutive day, reflecting ongoing concerns about market valuations. Home Depot's stock also experienced a decline, contributing to the negative sentiment in the market. Investors are increasingly worried about the implications of rising inflation and potential interest rate adjustments by the Federal Reserve, which are affecting overall market confidence.

DA Davidson has reduced its price target for Home Depot's stock to $430, reflecting concerns about the ongoing housing cycle. This adjustment comes amid a broader trend of declining stock prices for the company, which has faced challenges in meeting financial expectations. The negative sentiment surrounding Home Depot's performance is indicative of a sluggish housing market and rising inflation, impacting consumer spending and home improvement projects.

Home Depot has projected a significant decline in its annual profit as many Americans are postponing major home improvement projects. This forecast reflects ongoing challenges in the housing market and rising inflation, which have led to decreased consumer spending on home renovations. The company's financial outlook indicates a tough year ahead as it navigates these economic pressures.

Jefferies has lowered its stock price target for Home Depot from $474 to $438. This adjustment reflects the firm's response to ongoing market conditions and the company's performance. The downgrade indicates a cautious outlook as Home Depot navigates challenges in the housing market and consumer spending.

Home Depot reported a decline in third-quarter profits and has lowered its full-year outlook, indicating a prolonged downturn in home improvement activities. The company is facing challenges due to reduced customer demand, influenced by rising prices and a sluggish housing market. This trend shows little sign of reversing, raising concerns about the company's future performance in a competitive market.