Truist analyst Scot Ciccarelli lowered the firm’s price target on Home Depot to $340 from $341 but keeps a Buy rating on the shares. The company’s Q3 results saw “stable” sales trends but with enterprise and U.S. comp declines, the analyst tells investors in a research note. With lean housing inventory levels, steady home prices, and a Fed that is likely nearing the end of its rate hike cycle, Truist states that it remains buyers of Home Depot shares and believes that the stock can rerate higher if comps push back into positive territory in FY24 against “easy comparisons”.
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