JPMorgan ups Home Depot target, adds to Analyst Focus List

JPMorgan analyst Christopher Horvers raised the firm’s price target on Home Depot (HD) to $475 from $450 and keeps an Overweight rating on the shares. The firm also added the shares to its Analyst Focus List. JPMorgan increased Home Depot’s Q4 U.S. comp estimate to +1%, above the Street’s negative 2.4% expectation, based on its data and channel work. Home Depot is benefitting from solid west coast and high-end housing trends and share of wallet normalization, the analyst tells investors in a research note.