Home Depot Inc. (HD - Get Report)  was lower Thursday after JPMorgan Chase cut its target price for the home-improvement retailer to $203 from $208 but continues to be overweight the stock.

"We believe HD remains one of the best long-term stories in retail given company-specific sales and margin initiatives, the duopoly/Amazon (AMZN - Get Report) -resistant nature of the industry, and significant financial and operating leverage that amplifies EPS growth in better sales environments. With internal momentum building, we expect HD to benefit from its refocused branding and value proposition, which has driven favorable traffic and ticket trends at the retailer," JPMorgan said in a note to investors. 

In October 2018, JPMorgan warned of a home repair softening that could impact Home Depot and Lowe's Cos.   (LOW - Get Report) . But it was this week's Sherwin-Williams Inc.  (SHW - Get Report) negative preannouncement that prompted the cut, according to the note.

The paint seller on Tuesday released disappointing preliminary fourth-quarter results below consensus estimates. Deutsche Bank analyst Mike Baker said the latest paint sales figures do not bode well for Home Depot and Lowe's, Barron's reported.

Home Depot shares were off 1.23% to close at $174.87 Thursday. Lowe's, which is one of Sherwin-Williams' exclusive partners, was down 2.03% to $92.05.