Home Depot price target lowered to $395 from $396 at Truist

Truist lowered the firm’s price target on Home Depot to $395 from $396 but keeps a Buy rating on the shares. The company’s Q2 sales came in below estimates as U.S. comps fell by more than expected, but its earnings and margins “held up well”, the analyst tells investors in a research note. The near-term setup on the stock is tricky given softer fundamentals vs. potential multiple expansion if the Fed pursues a more aggressive rate cut plan, though the firm remains bullish on the medium- to longer-term basis given its “golden handcuffs” housing thesis, Truist added.