Home Depot gained nearly 2% in early trading on Wall Street, buoyed by an upgrade in Wedbush's opinion on the DIY chain's stock from 'neutral' to 'outperform', with a price target raised from $330 to $380.

According to the broker, 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'.

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