Raymond James analyst Bobby Griffin on Wednesday cut his rating on Home Depot Inc. to market perform from outperform after the home and construction goods retailer's third-quarter earnings update. "Our change in opinion is not a reflection of Home Depot's execution (has been solid), but more so our view that the risk/reward for HD entering 2023 now appears more balanced, with the ongoing risk/headwinds to the U.S. housing industry and the stock recovering nicely off its 2022 lows," Griffin said. Shares of Home Depot are down 1% in premarket trades.
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