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Bank of America/Merrill Lynch Boosts Target for Home Depot (HD)

By Dividend.com,  April 04, 2012, 09:27:19 AM EDT

Home improvement warehouse operator The Home Depot, Inc. ( HD ) on Wednesday received some further bullish commentary from analysts at Bank of America/Merrill Lynch.

The firm said it now expects HD shares to reach $60, suggesting a 20% upside to the stock's Tuesday closing price of $50. Bank of America/Merrill Lynch noted that higher sales are driving margin expansion, and the company is buying back more stock as well.

Home Depot shares, which have risen 19% year-to-date, fell 29 cents, or -0.6%, in premarket trading Wednesday.

The Bottom Line
Shares of Home Depot ( HD ) have a 2.32% dividend yield, based on last night's closing stock price of $50.00. The stock has technical support in the $45 price area. If the shares can firm up, we see overhead resistance around the $50-$53 price levels.

The Home Depot, Inc. ( HD ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: HD



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