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Home Depot (HD | Quote | Chart | News | PowerRating) closes lower but has reined in the pre-market decline seen after Credit Suisse downgraded HD and rival Lowe's (LOW | Quote | Chart | News | PowerRating) to Neutral from Outperform this morning.
The analyst said stock prices for the retailers already reflect any recovery and margin predictions. But lingering housing market weakness will impact shares. 2009 will be another very challenging year for home improvement and earnings will at best be flat, but more important, 2010 will not be a V-shaped recovery, the analyst said in a note.
Over four analyst ratings moves we've tracked, HD has reined in during regular trading the early share move recorded in extended-hours trading in three instances and widened its move once.
9/15/08 Pre-Market: -5% at 27.50; 9/15/08 Regular Session: -1% at 28.50 - Credit Suisse cuts to Neutral.
1/14/08 Pre-Market: firms to 25.19; 1/14/08 Regular Session: +2.6% to 25.36 - Credit Suisse raises to Outperform.
In 2007 actions we tracked, the issue twice narrowed its move.
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