Home Depot price target raised to $450 from $390 at Guggenheim

Guggenheim raised the firm’s price target on Home Depot to $450 from $390 and keeps a Buy rating on the shares. After having hosted a group of investors on a field trip to Home Depot’s Headquarters, inclusive of a store tour, the firm argues that the maturing benefits of various tech-driven productivity initiatives should help to further fortify the core business ahead of the “launch phase” of Home Depot’s complex PRO strategic initiative. Following the trip, the firm expresses “increased optimism as it pertains to the company’s out-year secular growth profile” as well as cross-category selling opportunities continue to arise as the company works to fully integrate all its recently acquired assets.