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Shares of Atlanta-based Home Depot and its chief home improvement retail competitor, Lowe’s, got a lift Friday following favorable analysts’ reassessments of their stocks ahead of next week’s earnings reports.
Lowe’s will report fourth-quarter results on Monday and Home Depot on Tuesday.
Home Depot was the biggest gainer Friday, rising nearly 2 percent to close at $ 65.58, up $ 1.20 on the New York Stock Exchange. Mooresville, N.C.-based Lowe’s closed at $ 37.67, unchanged after reaching an intraday high of $ 38.12. Both stocks are trading a few dollars shy of their 52-week highs.
The recent uptick in homebuilding and home improvements by consumers is expected to continue after lackluster activity in recent years.
Analysts at Oppenheimer recently raised their stock ratings on Home Depot and Lowe’s to “outperform” from “perform.”
“Data suggest that consumer spending continues to hold up
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