UPDATE: Piper Jaffray Lowers Price Target On Home Depot To $35

According to Piper Jaffray, Home Depot HD price target is lowered to $35. Piper Jaffray said that it is maintaining its Neutral rating at this time. “We see more risk to the downside on sales and earnings as a result of the macroeconomic environment. HD is seeing a nice positive comp trend thus far in August, but we believe this trend could fade later in 2011 and into 2012. As a result, we are decreasing our price target from $39 to $35 (13x FY12 EPS).” Home Depot closed yesterday at $33.12.