Stock price when the opinion was issued
Covid saw overspending by consumers, then underspending, now normalizing. Rising interest rates have affected lower-income US households, and that's showing up in HD traffic numbers. In US, over 50% of homes are over 40 years old; long-term secular trend to repair and modernize.
Last September, he sold and took profits. Shares are trading ~24x forward PE, for 5% EPS growth. Valuation's expensive. EPS growth rate expectations have come down. Cautious spending by consumers, stock's slipped below 200-day MA. Long-term inflation is dampening the DIYers, sluggish home sales. A name to own early economic cycle, and we're about mid-way through now.