UBS Lowers Home Depot Price Target Amid Strong Sales

UBS has revised its price target for Home Depot (HD) downwards to $420 from $430, while maintaining a Buy rating on the stock.

The firm notes that Home Depot's second-quarter comparable sales rose 1.7%, exceeding the consensus estimate of 1.1%.

This reflects broad-based strength across the business rather than isolated areas of outperformance, according to UBS.

Home Depot has continued to see strength across its professional customer base while capturing steady demand from consumers focused on smaller maintenance and repair projects.