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Home Depot’s GMS acquisition ‘next logical step’, says Wells Fargo

Wells Fargo keeps an Overweight rating and $420 price target on Home Depot (HD) but notes that the company’s GMS Inc (GMS) acquisition represents a next logical step in its deep dig into the Pro distribution channel. The deal is positioning Home Depot to greater leverage its long-term share and platform capabilities, the analyst tells investors in a research note.

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