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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 -0.24% 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 -0.95% , 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 -0.02% has slipped 0.4%.

/zigman2/quotes/208081807/composite
US : U.S.: NYSE
$ 356.43
-0.85 -0.24%
Volume: 3.94M
Jan. 27, 2022 4:00p
P/E Ratio
23.84
Dividend Yield
1.85%
Market Cap
$373.09 billion
Rev. per Employee
$292,589
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/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 225.93
-2.17 -0.95%
Volume: 3.43M
Jan. 27, 2022 4:04p
P/E Ratio
19.62
Dividend Yield
1.42%
Market Cap
$153.68 billion
Rev. per Employee
$280,062
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,160.78
-7.31 -0.02%
Volume: 527.78M
Jan. 27, 2022 5:00p
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