Home Depot (HD) PT Raised to $455 at Jefferies

Jefferies analyst Jonathan Matuszewski raised the price target on Home Depot (NYSE: HD) to $455.00 (from $369.00) while maintaining a Buy rating.

The analyst commented, "Following our initial review of 3Q, we believe the most impactful takeaways from the call include: (1) pro backlogs are 'significant' and stretching out weeks/months, (2) store space optimization projects are bearing fruit, (3) late-3Q momentum is carrying into 4Q, and (4) inventory is in good shape. Despite a spend uptick in categories forgone during the pandemic, consumers are not cutting ties with their new/refined project skills."

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