As previously reported, Wedbush upgraded Home Depot to Outperform from Neutral with a price target of $380, up from $330. Although home improvement retail demand weakened in 2023 on the back of spiking interest rates, plummeting existing home sales, consumer spending shifting to services and unwinding of pulled forward demand throughout the pandemic, the firm believes many of these key drivers are bottoming or reversing, which should translate to stronger demand in 2024. Wedbush now sees home improvement spending to rise by at least low-single-digit levels year-over-year by the second half of 2024, with Home Depot a prime beneficiary.
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