Home Depot upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Seth Sigman upgraded Home Depot to Overweight from Equal Weight with a price target of $372, up from $325. The analyst sees an opportunity for demand stabilization across the broadlines, hardlines and food retail space in 2024 from consumable volume to big ticket discretionary. Investor should focus on self-help stories that can work in a variety of macro scenarios and select cyclicals, the analyst tells investors in a research note. Barclays moved from a defensive view to a more balanced view across sub-sectors in 2024. It is more positive on home improvement, less positive on auto parts, and mixed on consumer retail. Barclays says Home Depot gives exposure to potential rate cuts, is not over-earning, and “really just needs to hit numbers.”