Home Depot price target lowered to $375 from $380 at Stifel

Stifel analyst W. Andrew Carter lowered the firm’s price target on Home Depot (HD) to $375 from $380 and keeps a Hold rating on the shares. Home Depot’s Q2 results and commentary reset expectations for an achievable FY24 revenue performance with upside potential from a stronger profit performance, the analyst says. The weaker Q2 revenue and second half outlook strengthens the firm’s conviction in a more lethargic FY25 recovery with Home Depot shares likely to be constrained by an ongoing rightsizing of expectations, Stifel argues. This is likely to be a negative for Lowe’s (LOW), Stifel adds.