The firm said declines in both the stock market and home prices could create a 'negative wealth effect' that delays or cancels home improvement projects.
It's time to move to the sidelines on Home Depot , according to Credit Suisse. Analyst Karen Short assumed coverage of Home Depot with a neutral rating, with a previous rating of outperform, saying the slowing housing market spells trouble for the home improvement retailer. "Our general view is that HD story offers a healthy balance of reasons to be positive longer term but cautious in the near term," Short wrote in a Monday note.
Therefore, further declines in the stock market and home prices could weigh on demand for home improvement projects," Short wrote. However, the story for Home Depot remains constructive over the long term, according to the note. The analyst said Home Depot and Lowe's together share 25% of the home improvement retail industry, meaning the two retailers are a little more insulated from pricing pressures in an inflationary environment.
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