Oppenheimer raised the firm’s price target on Home Depot to $400 from $345 and keeps a Perform rating on the shares. The firm is assuming a “somewhat more constructive stance” on the shares of the leading home improvement retail chains. Prospects for demand trends within home improvement retail and at leading operators will “gradually solidify and return to normalized expansion algorithms” as lower lending rates spur improved housing activity and likely support ongoing home price appreciation and encourage shoppers to undertake larger ticket purchases, the analyst tells investors in a research note.
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