JPMorgan lowered the firm’s price target on Home Depot (HD) to $470 from $475 and keeps an Overweight rating on the shares post the Q4 report. This was the first positive comp since Q3 of 2022, with Home Depot noting that core category engagement improved from a better than expected Q3 and continued that way into Q1, the analyst tells investors in a research note. The firm believes replacement demand should continue to improve as we get further from COVID- pull-forward. It views Home Depot’s outlook as conservative.
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