Why Home Depot Stock Was a Winner Today
Not for the first time this month, Home Depot (NYSE: HD) stock was the recipient of an analyst's price-target increase. That little flash of optimism ignited more interest in the retailer, and its share price closed more than 2% higher as a result. By contrast, the bellwether S&P 500 index slumped on the day, falling by nearly 0.5%.
Well before market open, Chuck Grom of Gordon Haskett raised his fair value estimate of Home Depot stock to $315 per share, adding $15 to his previous level of $300. He maintained his accumulate (buy, in other words) recommendation on the stock.
This was only the latest in a series of recent price-target hikes by increasingly more bullish analysts on the storied retail industry mainstay. These followed an investor update issued by Home Depot in mid-June in which the company reaffirmed its existing guidance for the entirety of its fiscal 2023.
Source Fool.com
