BofA raised the firm’s price target on Home Depot to $425 from $400 and keeps a Buy rating on the shares after the company announced plans to acquire SRS Distribution for $18.25B for about 16.1-times 2023 adjusted EBITDA. The firm expects the acquisition to accelerate growth and expand Home Depot’s share of wallet with the complex pro. While not disclosed, synergies are expected to be sales-driven as Home Depot can offer its pro customers SRS’s catalog. and vice versa, BofA said in a research note on Thursday.
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