Home Depot price target lowered to $378 from $421 at Piper Sandler

Piper Sandler lowered the firm’s price target on Home Depot (HD) to $378 from $421 and keeps an Overweight rating on the shares following a “meet and maintain print” from the company. Home Depot noted no change with consumer spending trends from 2025, with continued weakness in large discretionary remodel projects and healthy seasonal sales once weather cooperated, Piper adds. HD continues to take market share and execute well in a sluggish housing backdrop. Overall, the company’s comparable sales should improve in the second half of the year as Home Depot laps abnormally low storm activity from 2025. The firm continues to believe there is notable pent-up demand in the home improvement space, that is unlikely to get unlocked until mortgage rates move lower.