Home Depot (HD) PT Lowered at TD Cowen; 'Good Execution Despite Persistent Macro Headwinds'

TD Cowen analyst Max Rakhlenko lowered the price target on Home Depot (NYSE: HD) to $375.00 (from $450.00) while maintaining a Buy rating.

The analyst commented: "Good Execution Despite Persistent Macro Headwinds; HD's 1Q results were broadly in-line with expectations and pointed to good execution in a backdrop which feels poised to remain challenged longer than expected. We remain impressed with HD's Pro share growth as its Complex Pro ecosystem is starting to take shape and will define the company's next cycle. M&A integration/cross-selling and scaling the Flatbed ecosystems are next catalysts.

We think read-throughs to LOW (Hold, $218.37) were mixed. Positives include better performance in seasonal and Pro, while softer comps in appliances and other major categories at LOW were negative. Net, we think bogeys for LOW's 1Q comps remain in the +1-1.5% range."

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