Home Depot price target lowered to $365 from $384 at Jefferies

Jefferies analyst Jonathan Matuszewski lowered the firm’s price target on Home Depot to $365 from $384 and keeps a Buy rating on the shares. The firm assumes a chunk of $500M in promised cost savings is delayed and/or “reinvested” out of “an abundance of conservatism,” which it says underscores the “conservatism” in its EPS forecast if management delivers on what they are promising. The firm believes positive comps are achievable next year with a view that the category’s PCE share should remain above 2019 due to home values, an older housing stock, and more time at home, the analyst tells investors.