Home Depot price target raised to $377 from $299 at RBC Capital

RBC Capital raised the firm’s price target on Home Depot to $377 from $299 but keeps a Sector Perform rating on the shares. The possibility of lower rates will likely put upwards pressure on the stock and the firm is “tempted to get more constructive” on the view that the company’s FY24 guidance is achievable, the analyst tells investors in a research note. RBC adds however that it also believes that the current share price already embeds comp growth that is flat to up low single digits in FY24 against the formal guidance of down 1% and up low to mid-single digits in FY25, limiting potential upside in Home Depo shares.