UPDATE: Jefferies Reiterates Hold Rating, Raises PT on The Home Depot on Current Valuation
In a report published Friday, Jefferies reiterated its Hold rating on The Home Depot (NYSE: HD), and slightly raised its price target from $58.00 to $59.00.
Jefferies noted, “Current valuation suggests meaningful upside to future quarter SSS and EPS. This reflects the market's bullish view on housing, which is supported by generally strong data. Right now it feels like the only thing that could derail housing (and these stocks) is higher inflation and interest rates. Despite the move in long-term treasury yields this year, mortgage rates remain low and housing affordability is high.”
The Home Depot closed on Thursday at $64.38.
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