Piper Sandler analyst Peter Keith lowered the firm’s price target on Home Depot (HD) to $441 from $450 and keeps an Overweight rating on the shares following the company’s well-attended Investor & Analyst conference in NYC. Home Depot highlighted its strong competitive advantages in Pro sales, home delivery, merchandising, store execution, and leveraging AI — all of which should translate to healthy market share gains in a housing recovery market, the firm says. On that note, the company’s new EPS algorithm calls for mid- to high-single digit growth with a housing market recovery, which to Piper looks quite reasonable if not conservative. Considering its view that home remodel trends will improve in Q1 after working through demand pull-forward from COVID, Piper says it heard nothing at the event that changes our thesis. The firm therefore thinks Home Depot’s 2026 outlook is too low.
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