Argus analyst Christopher Graja lowered the firm’s price target on Home Depot to $350 from $400 and keeps a Buy rating on the shares. The analyst is citing expectations for reduced sales, noting that while the firm remains bullish on the company’s prospects, it is also concerned that consumers are cutting back on home improvement spending after more than two years of aggressive repair and remodeling activity. Tighter monetary policy and a jump in mortgage rates will likely hurt the economy and the housing market rather than guiding the rate of growth to a sustainable level, the firm tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HD:
- Attention Dividend Investors — DGRO ETF’s 2.4% Yield is More Than Meets the Eye
- SCHD vs. VYM: Which is the Better Dividend ETF?
- Home Depot price target raised to $348 from $318 at Truist
- Looking for a Market-Beating Growth ETF? Check Out VUG
- Home Depot sets target of 85% battery-powered lawn equipment sales by 2028