In Friday's industry update, Oppenheimer analyst Brian Nagel raised the price target on The Home Depot, Inc. HD and Lowe's Companies, Inc. LOW from $93 and $57 to $101 and $60, respectively.
Nagel wrote, "While shares might lack a near-term “investable event, they should continue to grind higher through at least early 2015 on improving fundamentals, sector-leading earnings growth and potential EPS upside, and still-accommodative valuations."
Additionally, Nagel views the "recent upticks" in new home sales and housing starts as an indicator of a potentially stronger industry backdrop for the next several months.
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