Home Depot (HD) PT Raised to $266 at RBC Capital

RBC Capital analyst Scot Ciccarelli raised the price target on Home Depot (NYSE: HD) to $266.00 (from $261.00) while maintaining an Outperform rating.

The analyst commented, "1Q results were similar to our general expectations – strong US comp growth of 7.5% (despite headwinds from social distancing measures) and substantially higher expenses given incremental labor costs. Importantly, sales strength has continued in 2Q, SG&A growth should subside and the BS/CF are in very good shape. HD is poised to be a relative winner as long as mortgage conditions don’t pressure the housing market. Remain buyers."

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