Gordon Haskett upgrades Home Depot to Buy with trends bottoming

Gordon Haskett upgraded Home Depot to Buy from Accumulate with a $450 price target The firm says that while its survey results suggest home improvement demand remains subdued, trends may be bottoming as interest and mortgage rates are nearing the point where respondents indicate a greater interest in reengaging in the category. “It is very plausible that Home Improvement demand will show signs of life beginning next year,” the analyst tells investors in a research note. As such, Gordon Haskett finds it appropriate to increase its exposure to the home improvement vertical. Trends are not getting any worse and the recent cut in interest rates “should be a catalyst to drive higher engagement,” the firm predicts.