Baird reiterated an Outperform rating and $440 price target on Home Depot (HD) after the company reported quarterly results. Stronger seasonal and hurricane-related demand helped furl Q3’s top-line driven beat, though larger-ticket/project-related demand trends remain subdued as financing costs stay somewhat elevated, the analyst tells investors in a research note. The firm also noted that, looking forward, Home Depot appropriately maintained a cautious stance on the macro, with Q4’s outlook largely unchanged despite some incremental hurricane rebuild demand. Overall, the company’s omni-channel investments and industry-leading Pro capabilities position the company to capitalize on an eventual turn in currently depressed sector demand, Baird adds.
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