Home Depot price target raised to $430 from $420 at Evercore ISI

Evercore ISI raised the firm’s price target on Home Depot (HD) to $430 from $420 and keeps an Outperform rating on the shares. Following 14 quarters of negative traffic, Q3’s 0.6% comp transaction decline was the “best since the fall started,” the analyst tells investors. The firm’s “base case of $420” is based on the stock normalizing at a 25% premium to the market on the firm’s 2026 EPS estimate of $17, while its “bull case of $500 is when $20 of EPS power at 25x comes into focus,” the analyst tells investors.