Morgan Stanley Remains Sidelined on Home Depot (HD) After Meeting with Management
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Morgan Stanley reiterated an Equalweight rating and $145.00 price target on Home Depot (NYSE: HD) after meeting with management. HD is gaining visibility on the type of Pro shopping the store and the product categories that HD is not capturing. Also, HD continues to find ways to drive efficiency, enabling it to keep expense growth lower than sales growth.
Analyst Simeon Gutman commented, "We walked away from our meetings positive on both the short- and medium-term prospects of the business. There is clear skepticism and concern that home improvement momentum may stall given slowing category and broader retail sales growth. But, HD did not flinch when pressed about this issue. The macro backdrop for home improvement remains supportive and internal execution continues to be solid. While concerns over where we are in the housing cycle may persist, we left the meeting reassured about the health of HD's business, and believe the stock is poised to rise in the near-term."
Shares of Home Depot closed at $126.82 yesterday.
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