Barclays analyst Julian Mitchell downgraded HD Supply Holdings to Equal Weight from Overweight with a price target of $42, down from $44. The analyst cites potentially slowing end market demand, his sum-of-the-parts analysis showing limited upside potential, and the possibility of "spin limbo" for the downgrade. Global private sector investment is slowing, and U.S. commercial construction is not immune from this, Mitchell tells investors in a research note. Further, he believes the risk of "spin limbo is real." On average, Multi-Industry companies have performed only in-line with the S&P 500 Index between announcing a split or spin, and the split occurring, says Mitchell.