Oppenheimer analyst Brian Nagel downgraded both Home Depot (HD) and Lowe’s (LOW) to Perform from Outperform with price targets of $305 and $180, down from $320 and $185, respectively. Over the near term, the analyst is “increasingly concerned” that the market is becoming “too lax” toward chances of a post-COVID-19 sales growth downshift. Nagel is “concerned somewhat” that the recent outsized comp gains within home improvement might to some extent reflect a demand pull forward, thereby impacting sales of durables and other items through 2021. As such, the analyst sees more modest upside in both stocks going forward. With that said, the favorable intermediate to longer-term stance for Home Depot and Lowe’s is unchanged, Nagel tells investors in a research note.