Oppenheimer raises Home Depot and Lowe's PT on comparable sales optimism

Oppenheimer raises price targets on home improvement chains Home Depot HD.N and Lowe's LOW.N on comparable sales optimism

Brokerage raises Home Depot to $420 from $400, a 2.5% upside to stock's last close

Raises Lowe's PT to $320 from $305, a 24.6% upside to stock's last close

"Data suggest that underlying consumer demand within home improvement has stabilized, with shoppers now reacting more positively to key selling events" - Oppenheimer

However, elevated lending rates, particularly against a still precarious discretionary spending backdrop, could continue to limit sales growth rebound prospects for HD and LOW - brokerage

Including session moves, LOW shares up 3.5%, while HD shares up about 5% YTD