Home Depot (HD) PT Lowered to $430 at UBS

UBS analyst Michael Lasser lowered the price target on Home Depot (NYSE: HD) to $430.00 (from $450.00) while maintaining a Buy rating.

The analyst commented, "Overall, we think HD's 1Q print provided more evidence to support than dispute the constructive case on the company's stock. In essence, this thesis says that the less discretionary maintenance and repair element of home improvement demand can sustain the category as the more discretionary project related spend eventually gains more momentum. All the while, Home Depot should accelerate its market share by building and enhancing the broad, multi-faceted pro and consumer distribution platform it is building. The combination of these forces, along with a semi-fixed cost structure and gradual redeployment of capital back to shareholders, should create a handsome earnings growth profile. With the shares trading around ~20x CY'26E EPS, which is a discount to the broader market, this profile is awfully appealing, in our view."

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