Home Depot (HD) PT Raised to $450 at Mizuho

Mizuho analyst David Bellinger raised the price target on Home Depot (NYSE: HD) to $450.00 (from $435.00) while maintaining a Outperform rating.

The analyst comments "Home Depot (HD) shares are trading higher and rightfully so. We view signals of clear demand improvement across the core business as far overpowering a very slight OpEx overage and $0.04 EPS. More importantly, 12 of 16 product categories ran positive (see Exhibit 2), meaning only 4 categories representing ~23% of revenues remained negative, or the lowest % since 2Q22. Underperformers include paint, flooring, lumber, and lighting. Other incremental data points: 1) Implementing trade credit is delivering a +DD% lift for pros, with a further unlock as this feature rolls out to and can be utilized in-store; 2) Faster delivery times and 'speed badging' are enabling a +DD% lift for online orders as conversion pops; 3) Early Q3 trends are continuing the same broad-based momentum as in Q2 and with a re-engagement of smaller project work. Adjusting estimates and raise PT to $450."

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