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

Truist 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 on Hardlines/Broadlines Consumer names. Retail could be poised for solid outperformance for FY24 following slight and rare underperformance in FY23 despite investor concerns over inflation and higher interest rates as consumers continue to spend, especially if the Fed is at/near the end of their tightening cycle, the analyst tells investors in a research note. Truist adds that it expects housing and home improvement fundamentals to remain solid in FY24 as most of the “fluff” in the market has been cycled and homeowners remain secure with their “below market” housing costs and home equity builds.