UPDATE: Jefferies Upgrades The Home Depot to Buy on Multiple Positive Factors
In a report published Friday, Jefferies analyst Daniel Binder upgraded the rating on The Home Depot (NYSE: HD) from Hold to Buy, and raised the price target from $64.00 to $85.00.
In the report, Binder noted, “Our more bullish view on sales is both for the near and intermediate terms. Our recent checks continue to come back favorable, so while it may be chilly outside, we think weather will not impede Home Depot's ability to post strong comp store sales in Q1. We also think Q1 will show another quarter of relative outperformance to its competition, despite the higher base of sales per store it is comping from.”
The Home Depot closed on Thursday at $71.90.
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