NEW YORK (TheStreet) -- Home Depot (HD) "has done incredibly well," TheStreet's Jim Cramer said, "even though housing hasn't been that good." On Monday, Raymond James downgraded the stock to hold from buy.
Shares of the home improvement retailer are up nearly 17% for the year to date but are down 1.5% Monday following the downgrade.
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On CNBC's "Cramer's Mad Dash" segment, Cramer, the co-manager of the Action Alerts PLUS portfolio, said the analyst downgraded the stock on valuation.
Turning to the energy sector, Cramer noted National Oilwell Varco (NOV) shares were downgraded to hold from buy at Credit Suisse.
The stock is "already down a great deal," he said, but "there is a decline going on in the prospects of drilling." The stock is down 17.8% since the start of the quarter and nearly 10% for the year to date. Shares are off 1.2% Monday.
The onshore and offshore oil rig manufacturer is a great company, Cramer said, but if it's true that companies like Exxon Mobil (XOM) and Chevron (CVX) are going to cut back on production, it will be "disastrous for National Oilwell Varco in the out years."