RBC Capital Downgrades HD Supply Holdings (HDS) to Sector Perform
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RBC Capital downgraded HD Supply Holdings (NASDAQ: HDS) from Outperform to Sector Perform with a price target of $35.00 (from $43.00), saying they see share range-bound following Q2 executions woes.
Analyst Deane Dray commented, "We are downgrading HDS from Outperform to Sector Perform as we expect the shares to stay “cheap for a reason” and range-bound over the medium-term. We believe it is likely to take several quarters to address the supply chain missteps and restore investor confidence in this highly leveraged cyclical. With the latest refinancing catalyst having mostly played out, we are shifting to the sidelines for now."
Shares of HD Supply Holdings closed at $31.51 yesterday.
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