Today's Most Important Initiations

Cowen initiated coverage on Home Depot (NYSE: HD) with an Outperform rating and a $350 price target, noting that the company is well positioned to harvest benefits following its investment cycle, which should enhance productivity and drive EBIT margin expansion. The analysts expect EBIT margin to reach 15.9% by fiscal 2025, improving +65bps from fiscal 2021.

EverCommerce Inc (NASDAQ: EVCM) shares plunge more than 17% today after Goldman Sachs initiated coverage on the company with a Sell rating and a price target of $8.00. While the analysts are constructive on the company's ability to further penetrate its target verticals, they believe it will be difficult for EverCommerce to execute its growth strategy over the following 12 months.

Oppenheimer initiated coverage on National Retail Properties (NYSE: NNN) with an Outperform rating and a price target of $48.00, noting it believes the company has a strong management team and a portfolio that can withstand an economic downturn. The analysts also like the acquisition strategy and the focus on driving growth in FFO per share. Furthermore, the company has increased its dividend for the past 33 years in a row, which the analysts expect will continue into the future.

Baird assumed coverage on Zscaler (NASDAQ: ZS) with an Outperform rating and a price target of $220.00.

By Davit Kirakosyan

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