Citi analyst Steven Zaccone maintained a Buy rating on Home Depot yesterday and set a price target of $407.00.
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Steven Zaccone has given his Buy rating due to a combination of factors that highlight Home Depot’s strategic positioning and growth potential. The company presented a promising medium-to-long-term outlook, with expectations of increased same-store sales and EPS growth in a normal market recovery scenario. Home Depot’s management has set a higher sales growth target and demonstrated its capability to capture more market share within its $1.1 trillion total addressable market.
Despite short-term pressures from the housing market, such as slower home price appreciation and deferred projects, Home Depot remains well-positioned in the home improvement sector. The company’s strategic initiatives, including plans to open new stores and focus on both DIY and Pro segments, underscore its potential for future growth. Zaccone’s rating reflects confidence in Home Depot’s ability to navigate current challenges and capitalize on market opportunities.
Based on the recent corporate insider activity of 77 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HD in relation to earlier this year.