As previously reported, DA Davidson upgraded Home Depot to Buy from Neutral with a price target of $395, up from $352. The firm cites a number of reasons for upgrading the stock as the market sits near an all-time high, including Home Depot shares being 19% off of their all-time high set in December 2021 and also 15% off of their 52-week high; Existing home prices being at all time highs and accelerating; Industry trends and comps are “no longer getting worse”; the company again widening the margin gap; share gain potential; and an approaching lower rate environment. The firm adds that it believes comps have bottomed and core margins have stabilized.
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