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Home Depot Falls on Downgrade

Home Depot fell after being downgraded by analysts at Piper Jaffray.

Home Depot (HD) - Get Report shares got a scare Monday following a Halloween downgrade from analysts at Piper Jaffray. Analysts at the firm lowered the home improvement retailer's rating to Neutral from Overweight while also reducing its price target to $121 from $152. The downgrade comes following the conclusion of Piper's semi-annual homeowner survey. The survey indicated that there was ongoing moderation in remodel spending. The firm noted that last week four different remodel suppliers posted "relatively disappointing results." Additionally, the firm noted that Home Depot faces tough comparisons in the upcoming quarters.

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