Jefferies lowered its price target on Home Depot Inc. (NYSE:HD) to $361 from $454 while maintaining a Buy rating.
The new target implies roughly 20% upside from the current price of $300.82, which is trading near its 52-week low of $296.88.
Analyst Jonathan Matuszewski noted that weather conditions weighed on comparable sales during the final weeks of April. May trends indicate a more supportive environment for Q2.
Professional complex project activity remains strong at the home improvement retailer. Jefferies expects normalized storm activity in H2 to support full-year comparable sales above Q1 levels.
The firm anticipates Home Depot will continue gaining market share and expanding cross-sell opportunities across professional customer verticals, despite subdued housing turnover.
Jefferies reiterated its Buy rating following the price target adjustment.
In other news, Home Depot reported Q1 2026 earnings that beat analyst estimates. Adjusted EPS came in at $3.43 vs. forecast $3.41, and revenue reached $41.8 billion, exceeding $41.51 billion expectations.
