Truist Securities Lowers Home Depot (NYSE:HD) Price Target to $352 From $382, Maintains Buy Rating
Truist lowered its price target on Home Depot (NYSE:HD) to $352 from $382, but maintained its buy rating on the stock. The analyst told investors in a research note that Home Depot’s fourth-quarter sales trend remained solid and the Pro business continued to drive growth; But its outlook was slightly lower than expected, mainly due to increased investment in wages. The analyst added that Home Depot’s sales growth in fiscal 2023 will be broadly flat as fundamentals remain stable in a difficult environment, and he remains bullish on the stock given the overall resilience of the home improvement business.