Home Depot price target lowered to $450 from $470 at DA Davidson

DA Davidson lowered the firm’s price target on Home Depot (HD) to $450 from $470 and keeps a Buy rating on the shares. The firm says that key messages from the company’s call focused on pricing strategy and mitigation efforts related to tariffs, as well as some sales momentum relative to the past several years of comparable sales declines. This includes two quarters in a row of positive comparable sales with April as the 2nd best month in about two and a half years even with an Easter shift drag. DA Davidson is encouraged with Home Depot’s stable to improving results and relative in line stock price performance year-to-date in the face of persistently high interest rates and weak home sales. This sets up for leverage in a better environment, which admittedly keeps getting pushed out, but the firm is seeing some early signs.