Home Depot price target raised to $356 from $340 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Home Depot to $356 from $340 and keeps a Buy rating on the shares after meeting with its management. The firm notes the company building the infrastructure and capabilities that will be nearly impossible to match within the home improvement vertical and that should enable them to start to penetrate a new $200B total addressable market with Complex Pro jobs over time. A “higher for longer” Fed stance could be a negative, but Truist data suggests that transaction activity has already reverted to pre-pandemic levels and homeowners continue to spend on their homes when prices are stable and increasing, the analyst tells investors in a research note.