HD Home Depot Inc

By Michael Dabaie

Home Depot Inc. shares rose 1.7% to $281.15 in early afternoon trading.

Morgan Stanley raised its price target on the retailer to $300 from $295 and maintained its overweight rating on the stock.

Home Depot's strong performance is likely to continue even as Covid-19 tailwinds to the home improvement category moderate, Morgan Stanley said in its analyst note.

The firm said it held virtual meetings with Home Depot, including with Chief Executive Craig Menear and Chief Financial Officer Richard McPhail. Morgan Stanley said its meetings reaffirmed its bullish view on the business.

Home Depot's speed and flexibility adapting to Covid-19 is an early indicator that its investments in supply chain improvements and IT infrastructure development have been successful and should continue to drive store productivity, the analyst note said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

October 07, 2020 12:45 ET (16:45 GMT)

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