Wells Fargo lowered the firm’s price target on Home Depot (HD) to $360 from $375 and keeps an Overweight rating on the shares. The firm notes Q1 was mostly in line, “albeit April weather dampend the exit rate.” Wells views the stock outperformance more about stabilizing early-May trends, hopes of second half of the year re-acceleration, good free cash flow and cheap price-to-earnings.
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