In a report published Wednesday, Jefferies reiterated its Hold rating on The Home Depot HD, and raised its price target from $59.00 to $64.00.
Jefferies noted, “The comp store sales gap between HD and LOW widened considerably in Q4 to 5.1% vs. 2.5-3.5% in recent quarters. We think this reflects continued disruption from the Lowe's resets and the fact that it was less aggressive on promotion in some areas of the business, including appliances where it comped negative. Meanwhile, guidance appears conservative and we could see an additional $4 billion of leverage added for share repurchase.”
The Home Depot closed on Tuesday at $67.56.
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