Bank of America initiated coverage on The Home Depot (HD) with a Buy rating. The firm designated the retailer as its top pick within the home improvement sector.
Analysts set a price target of $374 per share. The rating reflects Home Depot's significant exposure to professional customers, which is expected to drive outperformance against peers.
BofA noted that strategic execution led to consistent market share gains over the last decade. The firm considers the recent stock price pullback an attractive entry point for investors.
Home Depot is scheduled to report first-quarter earnings on May 19.