Piper Sandler upgraded Home Depot (HD) to Overweight from Neutral with a price target of $400, up from $311. The analyst is taking a more bullish stance on home improvement – and more specifically, large remodel projects – saying home equity extraction activity is trending toward improvement in 2024. The firm now thinks Home Depot is set to outperform both the market and Lowe’s (LOW). Home Depot’s greater Pro exposure and newly built complex Pro capabilities should drive healthy comp growth as large remodel activity returns, the analyst tells investors in a research note. Piper says Home Depot also has a much more favorable margin setup in 2024 vis-a-vis Lowe’s.
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