Home Depot Stock Rallies on Analyst Upgrade Citing Housing Market Turnaround
• Home Depot stock rallied as analyst turns bullish, citing belief housing market is bottoming • Analyst raised rating to outperform from neutral, lifted price target 15% to $380 • Expects return to growth in 2H2024 from lower rates, better housing trends, more confidence • Sees home improvement spending rising low-single digits by 2H2024, benefiting Home Depot • Historically when rates fall, Home Depot stock outperforms S&P 500 on housing strength