Home Depot Will Outperform This Major Rival, Says Bullish Analyst
Portfolio Pulse from Priya Nigam
Wedbush analysts upgraded Home Depot Inc (HD) from Neutral to Overweight, raising the price target from $311 to $400. Analyst Peter Keith predicts Home Depot will outperform the market and its rival Lowe's Companies Inc (LOW), citing higher home equity extraction activity and the company's focus on professional customers and complex capabilities. Keith expects strong comparable store growth for Home Depot in the second half of 2024, accelerating in 2025 as large remodel spending rebounds.

January 16, 2024 | 6:19 pm
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NEGATIVE IMPACT
Lowe's Companies Inc (LOW) is expected to be outperformed by its rival Home Depot, according to Wedbush analysts, which could potentially impact investor sentiment and Lowe's stock performance in the short term.
Although Lowe's is not the primary focus of the news, the expectation set by analysts that Home Depot will outperform Lowe's could lead to negative sentiment among investors regarding Lowe's, potentially causing a short-term dip in its stock price as the market reacts to the comparative analysis.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Home Depot's stock received an upgrade from Neutral to Overweight by Wedbush analysts with a price target increase from $311 to $400, indicating a bullish outlook based on expected growth in large remodel projects and professional customer focus.
The upgrade by Wedbush analysts is a strong positive signal for investors, suggesting that Home Depot is well-positioned for future growth. The raised price target reflects confidence in the company's strategy and market position, which could lead to increased investor interest and a potential rise in stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100