Truist Securities Reiterates Buy Rating on Home Depot (HD)

Truist Securities analyst Scot Ciccarelli reiterated a Buy rating and $433.00 price target on Home Depot (NYSE: HD).

The analyst comments "Net/net – 2Q was again very similar to expectations (US comps of +1.4% vs. our 2.0%E, while total sales were within 10bps of our forecast), despite significant weather headwinds early in the quarter and persistently high interest rates. Our Truist Card Data suggests that sales improved notably during the quarter. Importantly, as this is the co’s 3rd straight qtr of positive comps in the US, we continue to move down the timeline that we think is needed for people to un-anchor from the prior 3%-4% rate environment (4+ years and counting), even as the market is starting to discount some rate relief from the Fed. In addition, Home Depot continues to build out their infrastructure and capabilities to capitalize on what should eventually be an acceleration in home improvement/repair activity. Remain buyers of HD; more after today’s call."

For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.

Shares of Home Depot closed at $394.70 yesterday.

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