Analyst Zachary Fadem of Wells Fargo maintained a Buy rating on Home Depot, boosting the price target to $450.00.
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Zachary Fadem has given his Buy rating due to a combination of factors that indicate a positive outlook for Home Depot. The company’s performance in the second quarter met expectations, with improvement in July that carried into August, suggesting a strong consumer presence. Despite some challenges such as tariffs and soft professional checks, Home Depot is gaining market share and has strategic levers to pull in anticipation of future catalysts like interest rate changes and tax reforms.
Additionally, Home Depot’s strategic initiatives, including enhancements in trade credit capabilities and order management, are driving increased spending among professional customers and boosting digital sales. The company’s ability to improve customer engagement and achieve positive comparable sales in key merchandise departments further supports the Buy rating. Overall, Home Depot appears well-positioned for continued growth, with its recent acquisition adding valuable platform capabilities.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $450.00 price target.
HD’s price has also changed slightly for the past six months – from $395.430 to $407.200, which is a 2.98% increase.