Home Depot price target raised to $387 from $356 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Home Depot to $387 from $356 and keeps a Buy rating on the shares as part of a broader research note previewing 2024 in Hardlines/Broadlines retail. The group could be poised for a solid outperformance for FY24, following slight and rare underperformance in FY23 as consumers continue to spend despite investor concerns over inflation and higher rates, and if the Fed is at or near the end of tightening, investors will lean into consumer-centric growth stocks, the analyst tells investors in a research note. The firm adds that home improvement activity has generally remained very solid despite the persistent macro pressures, and it is encouraged by the broadly improving transaction trends and Home Depot’s dominant position in a “favorable” retail vertical.