Home Depot (HD) PT Lowered to $430 at DA Davidson

DA Davidson analyst Michael Baker lowered the price target on Home Depot (NYSE: HD) to $430.00 (from $475.00) while maintaining a Buy rating.

The analyst commented: "Rate cuts do come with a policy lag, but we think HD shares will likely trade ahead of the expected demand increase. We reiterate our BUY rating, but are lowering our price target to $430 from $475 with the weaker results. This is based on 28x our 2026 EPS forecast, which is a premium to HD’s historical multiple, but justified for a “Best-of-Breed Bison” name that we believe is close to the bottom of a housing cycle that should drive better comps and earnings."

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