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Home Depot retreats after Tuesday's big gain
Analysts continued to affirm their mixed ratings on The Home Depot Inc. Wednesday, a day after the nation's largest home improvement chain posted better-than-expected adjusted fourth-quarter results. Raymond James analyst Budd Bugatch maintained his "Strong Buy" rating on the Atlanta-based retailer, but lowered his price target on the chain to $27, from $32. "Although a dreadful economy remains firmly in the way of improved results and outlook, management is doing a more than commendable job of navigating the environment," he told investors in a research note. BMO Capital Markets analyst Wayne Hood kept his "Underperform" rating on the company, but cut his forecasts, saying he believes Home Depot (nyse: HD - news - people )'s plan to slow store openings may ultimately cut into same-store sales - an important retail industry metric. Meanwhile, Barclays (nyse: BCS - news - people ) analyst Michael Lasser cut his price target on Home Depot to $24, from $27. On Tuesday, Home Depot said it lost $54 million, or 3 cents per share, in the fourth quarter mostly due to its plan to shut its four smaller home-improvement brands and lay off thousands of workers. That compared to a year-earlier profit of $671 million, or 40 cents per share. But adjusted profit of 19 cents per share topped analysts' estimates. http://www.forbes.com/feeds/ap/2009/02/25/ap6095835.html |
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