Home Depot price target raised to $455 from $387 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Home Depot to $455 from $387 and keeps an Overweight rating on the shares. The firm notes cash-out refinance activity is starting to show solid improvement with the recent drop in the 30-year mortgage rate, but still has significant potential for further improvement in the months ahead. Big ticket spending has seen notable weakness in home improvement in 2024, but now appears poised for significant improvement in 2025 with a continued decline in the 30-year mortgage rate, Piper argues.