Home Depot initiated with a Market Perform at Bernstein

Bernstein analyst Dean Rosenblum initiated coverage of Home Depot with a Market Perform rating and $337 price target. The analyst is "cautiously bullish" on the U.S. hardlines / broadlines retail sector. Long-term fundamentals "remain sound," and both the grocery and home improvement subsectors are "surprisingly well-insulated" from e-commerce encroachment, Rosenblum tells investors in a research note. The analyst believes COVID impacts "have actually enhanced the long-term outlook" for the group. Recent share pullbacks, and the general macro uncertainty, "have created some potentially compelling entry points. With turbulence comes opportunity," writes Rosenblum.