Wells Fargo cuts Home Depot price target to $375, keeps Overweight rating

Wells Fargo cut its price target on Home Depot to $375 from $420 on May 14 and maintained its Overweight rating, according to a Marketscreener listing of analyst actions. The move came less than a week before the home-improvement retailer is due to report first-quarter 2026 results. (marketscreener.com) Another brokerage, Truist Securities, had already lowered its own target on May 13. Home Depot is scheduled to release earnings on May 19 at 9:00 a.m. ET, according to the company's investor relations site. (marketbeat.com) ### How large was Wells Fargo's cut? Wells Fargo's new target of $375 represents a $45 reduction from its previous $420 target, based on the May 14 analyst-action listing. (ir.homedepot.com) The firm kept its Overweight rating unchanged. The May 14 change followed other recent revisions tracked by Marketscreener, including Bernstein's cut to $365 from $390 while maintaining Market Perform. Those moves show analysts resetting valuation targets ahead of Home Depot's quarterly report rather than changing ratings across the board. ### What did Truist change a day earlier? (marketscreener.com) Truist Securities lowered its Home Depot price target to $394 from $424 on May 13 and maintained a Buy rating, according to reports summarizing the note. MarketBeat said Truist cut the target in a research note published Wednesday, while Trendonify identified the analyst as Scot Ciccarelli. (marketscreener.com) TradingKey reported that analysts were pointing to macroeconomic headwinds and a sluggish housing market ahead of the earnings release. That characterization was attributed to analyst commentary around the target cut. (marketscreener.com) ### When does Home Depot report, and what are analysts expecting? Home Depot said on its investor relations website that it will issue first-quarter 2026 results on Tuesday, May 19, at 9:00 a.m. ET. The company also listed its annual meeting of shareholders for May 21. MarketBeat said the current analyst consensus calls for earnings per share of $3.42 and revenue of about $41.64 billion for the quarter. (marketbeat.com) MSN, citing analyst estimates, said Wall Street expects a year-over-year earnings decline on higher revenue. ### What is the recent baseline for comparison? (tradingkey.com) Home Depot reported first-quarter fiscal 2025 sales of $39.9 billion, up 9.4% from the year-earlier period, according to the company's May 20, 2025 earnings release carried by Marketscreener. The company said comparable sales fell 0.3% in that quarter, while U.S. comparable sales rose 0.2%. (ir.homedepot.com) That prior-quarter release gives investors a recent operating baseline as analysts assess whether softer housing demand and broader consumer pressure affected spring selling trends this year. The expectation of higher revenue but lower earnings suggests attention will likely center on margins and management's comments on demand, according to the analyst previews cited by MSN and MarketBeat. (marketbeat.com) ### Where do the new targets sit relative to the stock? MarketBeat showed Home Depot shares at $304.46 at the close in data attached to its earnings preview page, with extended trading at $303.73. (marketscreener.com) Against that reference price, Wells Fargo's $375 target and Truist's $394 target both imply upside from recent trading levels. MarketBeat also said 20 analysts rate the shares Buy, 12 rate them Hold and one rates them Sell. That tally indicates the broader analyst stance remained positive even as several firms reduced targets this week. (msn.com) ### What comes next on the calendar? May 19 is the next scheduled milestone for investors, with Home Depot set to post first-quarter 2026 results before the market opens and host a 9:00 a.m. ET webcast, according to the company's events page. May 21 is the date listed for Home Depot's annual shareholder meeting. (ir.homedepot.com) (marketbeat.com 1) (marketbeat.com 2)