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Dec. 6, 2021, 2:54 p.m. EST

Home Depot stock surges toward a record after Oppenheimer's Nagel becomes the Street's most bullish analyst

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By Tomi Kilgore

Shares of Home Depot Inc. /zigman2/quotes/208081807/composite HD +2.84% hiked up 1.8% toward a record close in afternoon trading Monday, after Oppenheimer analyst Brian Nagel turned bullish on the home improvement retailer, citing less near-term risks for of cyclical pullback of the home improvement sector. Nagel raised his rating to outperform, after being at perform for the past 15 months. He set a $470 price target for the stock, which makes him the most bullish of the 34 analysts surveyed by FactSet. Nagel said after carefully reevaluating near-term prospects for Home Depot, as well as peer Lowe's Companies /zigman2/quotes/205563664/composite LOW +4.01% , he said that while challenges remain, he is now "more confident" that "risks of a significant, transitional-type setback" for home improvement retail have diminished. He also believes underlying demand growth is likely to persist even as COVID-19 pandemic-related tailwinds abate, which should help provide continued "solid, if not outsized" sales and profit growth for both retailers. Home Depot's stock has soared 25.7% over the past three months, while Lowe's shares have climbed 21.9% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.65% has slipped 0.4%.

/zigman2/quotes/208081807/composite
US : U.S.: NYSE
$ 366.54
+10.11 +2.84%
Volume: 4.55M
Jan. 28, 2022 4:00p
P/E Ratio
24.51
Dividend Yield
1.80%
Market Cap
$372.20 billion
Rev. per Employee
$292,589
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/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 234.99
+9.06 +4.01%
Volume: 3.22M
Jan. 28, 2022 4:03p
P/E Ratio
20.40
Dividend Yield
1.36%
Market Cap
$152.22 billion
Rev. per Employee
$280,062
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,725.47
+564.69 +1.65%
Volume: 568.44M
Jan. 28, 2022 4:54p
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