JPMorgan Adjusts Home Depot and Lowe’s Price Targets Ahead of Q3 Earnings
JPMorgan's top analyst Christopher Horvers revised price targets downward for Home Depot (HD) and Lowe's (LOW) ahead of their fiscal Q3 earnings. Home Depot's target was cut to $444 from $452, while Lowe's was reduced to $275 from $283—both retaining Buy ratings. The adjustments reflect tempered expectations amid softening comparable sales forecasts.
Home Depot's Q3 earnings, due November 18, are projected at $3.84 EPS and $41.13 billion revenue. Horvers now anticipates U.S. comparable sales growth of just 0.5%, below consensus estimates of 1.5%, citing weaker channel checks and vendor forecasts. The analysis incorporates recent GMS acquisition impacts but maintains Q4 EPS outlooks in line with Street projections.