Home Depot Stock Surges as Analysts Boost Price Targets Ahead of Earnings

Home Depot's stock price rose 1.6% in morning trading after two prominent Wall Street firms, BofA and TD Cowen, raised their price targets on the shares. The upgrades were announced ahead of the retailer's upcoming quarterly results, which are scheduled to be released on August 18.

BofA lifted its target to $412 from $374, maintaining a Buy rating, while TD Cowen raised its target to $410 from $375 with a Buy-equivalent rating. The analyst upgrades have given particular weight ahead of Home Depot's earnings report, as the company is expected to post revenue of approximately $47.5 billion and earnings per share of around $4.71 for the quarter.

The broader U.S. equity market provided a neutral backdrop for today's move, with the S&P 500 up just +0.1% and the Dow Jones adding +0.1%, while the Nasdaq was essentially flat. The stock's gains were driven almost entirely by the company-specific analyst activity rather than any broad sector or index tailwind.