Home Depot entered its latest earnings report with the housing market still under pressure, but Bank of America sees enough strength inside the business to stay bullish on the stock.

Bank of America analyst Christopher Nardone reiterated a Buy rating on Home Depot (HD) and lowered the firm’s price objective to $407 from $412, in a note given to TheStreet. The new target represents about 19.8% upside from the $339.69 share price cited in the report.

The small reduction reflects lower longer-term earnings estimates rather than a change in BofA’s broader thesis. The firm maintained its fiscal 2026 adjusted earnings-per-share estimate at $14.97 while trimming its fiscal 2027 forecast by about 1% to $15.95.

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