Home Depot price target raised to $349 from $337 at Jefferies

Jefferies analyst Jonathan Matuszewski raised the firm’s price target on Home Depot to $349 from $337 and keeps a Buy rating on the shares following the company’s analyst day, during which management outlined plans for about 80 stores over the next five yrs, implying about three times the Street consensus that had been anticipating 4-6 new stores per year. In the short-term, investors will be focused on the timeline for Fed posturing and home prices allowing a return to 3-4% sales growth, but the “number one” long-term debate for investors revolves around Home Depot’s “ability to circumvent 10 competing distribution channels for a larger share of $200B in complex project spend,” the analyst tells investors.