Wedbush raises its opinion on Home Depot from 'neutral' to 'outperform', while raising its price target from $330 to $380, in the wake of an increase in its EPS estimate for the DIY chain.

According to Wedbush, many of the key factors that weighed down demand for home improvement products in 2023 'are bottoming out or reversing, which should translate into stronger demand in 2024'.

The broker also points out in its note that 'Home Depot shares have historically outperformed the S&P 500 significantly as interest rates have fallen, in anticipation of stronger fundamentals'.

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