Guggenheim analyst Steven Forbes reiterated a Buy rating and $425.00 price target on Home Depot (NYSE: HD).

The analyst commented: "Not only were HD's 1Q 2026 operating results ahead of our expectations—as evidenced by 90 basis points of net sales upside and an ~2.5% adjusted EBITDA beat—but management noted continued progressing & scaling against the company's various PRO ecosystem initiatives (inclusive of the business tracking towards ~$400 million of cross-selling revenue synergies). In addition, we note that management's reiterated outlook (Exhibit 2) excludes an estimated ~$700 million of partial-year net sales associated with the recent acquisition of Mingledorff's. More importantly, as we look out to 2027 (and beyond), we continue to expect the maturation of the company's various PRO ecosystem initiatives to widen the company's industry out performance gap—fostering meaningful, and broad-based market share capture. We are essentially reiterating our estimates, BUY-rating, and $425 12-month price target."

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Shares of Home Depot closed at $302.44 yesterday.