Home Depot price target raised to $415 from $333 at Citi

Citi raised the firm’s price target on Home Depot to $415 from $333 and keeps a Buy rating on the shares. The company’s Q4 print proved to be more or less in line with market expectations, the analyst tells investors in a research note. The firm expects the initial 2024 guidance will be viewed as conservative, especially for the second half of 2024 same-store-sales recovery as rates coming down should help spur housing turnover and increased demand for large projects and big-ticket categories. Citi believes this year seems like a better setup for Home Depot shares if the macro backdrop turns favorable for pent-up demand to start materializing.