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Fly News Breaks for October 7, 2019
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Oct 7, 2019 | 16:57 EDT
Raymond James analyst Matthew McClintock assumed coverage of Home Depot with an Outperform rating and an increased price target to $250 from $228 prior. The analyst believes that the company's investments could position it for a higher growth trajectory than it experienced over the past decade, particularly given the potential of "endless aisle" initiative and same-day delivery options for its Pro customer. McClintock adds that as Home Depot initiatives begin to accelerate, the company may generate higher levels of sales and expense leverage, as well as a potentially increased stock buybacks. The analyst adds that macro concerns are still not at a point of heightened risk and expects the projected benefits from the company's investments to materialize.
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