Truist analyst Scot Ciccarelli lowered the firm’s price target on Home Depot to $396 from $406 and keeps a Buy rating on the shares. The firm is lowering its Q2 U.S. comps estimate to down from down 1.0% due to its Truist Card Data findings. Truist continues to expect home improvement activity to eventually reaccelerate, but the timing remains uncertain amid the modest rise in existing home inventory levels given the potential pressure that could eventually exert on housing prices, the analyst tells investors in a research note.
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