Home Depot upgraded to Outperform from Market Perform at Telsey Advisory

Telsey Advisory upgraded Home Depot (HD) to Outperform from Market Perform with a price target of $455, up from $360. The firm now projects a return to outperformance for the shares relative to the S&P 500 over the next year. It expects further market share gains given Home Depots “best-in-class execution and digital prowess.” Further, the company has a “significant opportunity” to grow its Pro business by better serving complex pro customers, particularly with the acquisition of SRS Distribution, the analyst tells investors in a research note.