Home Depot (HD) Gets a Buy Rating from Wells Fargo
In a report released today, Zachary Fadem from Wells Fargo maintained a Buy rating on Home Depot (HD), with a price target of $215. The company’s shares closed yesterday at $175.96.
“We believe similar dynamics are playing out across the U.S., with remodel activity +73% correlated to home values, and the NAHB home remodeling index of 58.3 (in line with Q2 but +150bps vs. LY) is 20% above the 12-year average.”
According to TipRanks.com, Fadem is a 4-star analyst with an average return of 6.2% and a 56.5% success rate. Fadem covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Floor & Decor Holdings Inc, and Advance Auto Parts.
Currently, the analyst consensus on Home Depot is a Moderate Buy with an average price target of $202.50, which is a 15.1% upside from current levels. In a report released yesterday, Robert W. Baird also maintained a Buy rating on the stock with a $210 price target.
See today’s analyst top recommended stocks >>
Home Depot’s market cap is currently $199B and has a P/E ratio of 19.21. The company has a Price to Book ratio of 150.77.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HD in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.