Stifel analyst John Baugh said that a slowdown in housing is increasingly a concern for Home Depot investors, but also noted that management doesn't believe it is impacting results as housing turnover only represents about 5% of total sales now. Baugh believes there is "no reason to be concerned" in the near-term as he thinks investments can fuel future growth. While he is "definitely keeping an eye on things more closely," Baugh said that he sees signs that point to remodeling spending strength into next year at least and he keeps a $225 price target and Buy rating on Home Depot shares.