Home Depot price target lowered to $340 from $360 at Baird

Baird analyst Peter Benedict lowered the firm’s price target on Home Depot to $340 from $360 but keeps an Outperform rating on the shares after its Q4 results. The company’s comps ticked negative for the first time in over a decade while elevated interest rates, increased big-ticket price sensitivity, and moderating pro backlogs suggest that Home Depot’s flattish FY23 comps and revenue outlook may carry more risk than upside, the analyst tells investors in a research note. The firm adds however that it is seeing improving risk/reward on the stock with Home Depot shares now trading at below 19-times expected FY23 earnings.