Stifel analyst W. Andrew Carter lowered the price target on Home Depot (NYSE: HD) to $320.00 (from $375.00) while maintaining a Hold rating.

The analyst commented, "We continue with our Hold rating for HD/LOW ahead of F1Q26 earnings updating our estimates. We believe the tailwinds supporting a stronger LOW F1Q26 comparable are well understood given better weather with HD constrained by SRS roofing with price investments alongside weaker volumes. We are reducing our 2Q26E-4Q26E comparable sales to assume a more stagnant performance reflecting our incremental caution to near-term prospects bringing our FY26E comparable sales in-line with consensus.Updated estimates reflect incremental caution to drywall acquisitions contributions (HD-GMS, LOW-FBM) with our 1Q26 Drywall Survey underscoring a challenging category with LOW/ADG performance likely reflecting softer new residential construction trends. These assets will enter the comparable sales base in 2H26, and we will be watchful of the necessary inflection to support 2H26E comparable sales. We are not including Mingledorff’s in our estimates awaiting HD’s guidance update.Our updated FY26E-FY28E reflect a softer margin performance given higher logistics costs. With both investing to accelerate LT growth prospects in a choppy environment likely to obscure progress, we believe investor enthusiasm is likely to remain muted with HD/LOW shares trading sideways with the performance likely dictated by sentiment around rates and the macroeconomic environment."