Home Depot, Lowe's stock downgraded on housing headwinds

Fox Business

Analysts at the Telsey Advisory Group downgraded Lowe’s and Home Depot stock on Tuesday amid a housing market weakened by falling home sales and mortgage increases.

Analysts at Tesley subsequently demoted the two home improvement stocks from Outperform to Market Perform, while noting other key drivers for the decision included a lag in home improvement sales, combined with overlapping issues stemming from the pandemic and government stimulus. Joseph Feldman, a senior research analyst at Telsey told Seeking Alpha News, “Importantly, home prices, which is a key driver of home improvement sales, have worsened… with further declines expected.”

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