Royal Bank Cuts Home Depot Price Target Amid Ongoing Market Volatility

The Home Depot (NYSE: HD) received an update from Royal Bank of Canada, which lowered its price target for the company to $342.00 from $343.00. This change suggests a potential downside of 2.35% from the previous close. The brokerage maintains a 'sector perform' rating on the home improvement retailer's stock.

Home Depot has seen revisions to its price targets by various brokerages in recent weeks. In addition to Royal Bank of Canada, HSBC cut its target price from $392.00 to $310.00 and set a 'hold' rating. JPMorgan Chase & Co. lowered its target price from $423.00 to $396.00 while maintaining an 'overweight' rating.

Despite these revisions, analysts are still optimistic about Home Depot's prospects. Eighteen research analysts have rated the stock with a 'buy' rating, thirteen have assigned a 'hold' rating, and one has given a 'sell' rating. The company currently has a consensus rating of 'moderate buy' and a consensus price target of $375.54.