Shares of Lowe’s (NYSE:LOW) declined more than 1% intra-day today following a downgrade by Stifel analysts from Buy to Hold.

The analysts took a more cautious stance towards Lowe’s fiscal year 2024, expressing uncertainty about the company’s ability to perform well in a weaker overall category.

This comes after Lowe’s recently reduced its full-year financial forecast. The company experienced a greater-than-expected reduction in consumer spending on high-value items in the third quarter, leading to this revision.

As a result, the North Carolina-based home improvement retailer now anticipates its annual adjusted diluted earnings per share to be around $13.00, a decrease from the previously estimated range of $13.20 to $13.60. Additionally, Lowe’s adjusted its expected total sales for the year to about $86 billion, down from the previously projected range of $87 billion to $89 billion.

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