DA Davidson analyst Michael Baker raised the firm’s price target on Home Depot (HD) to $475 from $450 and keeps a Buy rating on the shares after its Q2 results. It’s clear that the company is starting to see some better demand even with mortgage rates in the high 6% range for most of the quarter, the analyst tells investors in a research note. Looking ahead, the prospects of a more dovish Fed by mid next year sets the stage for potentially lower mortgages, which will be a further catalyst for demand, the firm added.
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