Morgan Stanley raised the firm’s price target on Home Depot to $380 from $375 and keeps an Overweight rating on the shares. The firm believes Home Depot is being cautious on 2024 given an uncertain interest rate cut path and thinks the FY24 guidance seems derisked on both the top-line and margins. Commentary that both first half and second half comps should be negative “seems conservative” and the company’s margin guidance “seems especially conservative,” the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on HD:
- Home Depot Earnings Report: Did it Beat Expectations?
- Home Depot feels ‘very good’ about inventory position heading into 2024
- Options Volatility and Implied Earnings Moves Today, February 20, 2024
- Home Depot’s (NYSE:HD) Bleak Outlook Rattles Investors
- Home Depot sees FY24 EPS up 1%, consensus $15.07
