By Christiana Sciaudone
Investing.com — Home improvement and do-it-yourself trends prompted by the pandemic are here to stay, Loop Capital said.
The firm raised price targets on Lowe’s (NYSE:) and Home Depot (NYSE:) to Street-highs in both cases as a result, according to Seeking Alpha. Both are trading near records after already having solid returns throughout the pandemic.
“We believe consumers are likely to be spending more time at home than they normally would for a few more quarters, and the work-from-home crowd is likely to grow over the long-term,” Seeking Alpha reported Loop Capital as saying.
Stuck at home for over a year, we sought to upgrade our homes, either renovating them or buying new ones. With some people expected to either work-from-home permanently or more frequently, even post-pandemic, Loop sees an ongoing desire to live well.
Loop set the price target at $350 for Home Depot and $220 for Lowe’s. Both stocks rose less than 1% on Monday, to 52-week highs.
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