Bernstein analyst Zhihan Ma raised the firm’s price target on Home Depot (HD) to $398 from $380 and keeps a Market Perform rating on the shares following quarterly results. The firm notes the company saw comparable sales turning negative in Q1 on the back of inconsistent weather and continued weakness in big ticket projects. Home Depot maintained FY25 guidance, which Bernstein previously viewed as conservative. Given the recent de-escalation in tariff tensions, the firm sees more moderate tariff risks but continues to expect muted home improvement demand with mortgage rates elevated at close to 7% and consumer spending power constrained.
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