Guggenheim Upgrades Home Depot (HD) to Buy

Guggenheim analyst Steven Forbes upgraded Home Depot (NYSE: HD) from Neutral to Buy with a price target of $310.00.

The analyst comments "We are upgrading HD shares to BUY (from NEUTRAL) with a $310 price target on the back of several recent events, including a) the closing of the acquisition of HD Supply, b) a $3.0 billion debt offering—with a weighted-average interest rate of just 1.7%, and c) the recent moderation in the shares' valuation—which has eroded HD's historical premium (Exhibits 1-2). Importantly, given the economic (a healthy housing economy) and psychological (sustained behavioral changes after reintroducing the DIY customer to home projects) tailwinds augmenting the home market and HD's idiosyncratic 2021 margin dynamics, we view consensus expectations as reasonable and potentially conservative."

For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.

Shares of Home Depot closed at $276.33 yesterday.

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