Home Depot Inc (HD  ) stock recorded a new 52-week high of $375.80 on Tuesday. The surge in the stock could have been driven by optimism regarding the home improvement space following competitor Lowe's Companies Inc (LOW  ) Q4 earnings beat on Tuesday.

Lowe's delivered a 5.36% surprise on EPS and a 0.82% surprise on revenue. "We remain confident in the long-term strength of the home improvement market," said its CEO Marvin R. Ellison.

Last week, on Feb. 20, Home Depot also delivered a 1.81% surprise on EPS and a 0.42% surprise on revenue when it released its Q4 results. Home Depot stock has been rising since the end of October. It is up about 27% over the past year, and up 35% since Oct. 26, 2023.

"We are planning for a year of continued moderation but with slightly less pressure to comp sales than what we faced in fiscal 2023" said Home Depot CFO Richard McPhail.

Analysts' price target on the stock has been revised, post the release of the company's Q4 earnings:

  • RBC Capital revised their price target on Home Depot stock from $299 to $277 while maintaining their rating at Sector Perform.
  • Guggenheim raised price target from $370 to $390. They rate the stock a Buy.
  • Citigroup now has a price target of $415 on the stock (raised from $333) - with a Buy rating.
  • Truist Securities' price target on the stock is at $386 with a Buy rating.
  • Wedbush has a $380 price target with an Outperform rating.
  • HSBC rates the stock Reduce with a price target of $323.
  • Goldman Sachs reiterated a Buy rating with a price target of $393.
While the future looks promising for this home improvement stock, its current trading levels suggest limited growth potential, hinting that a more opportune moment for investment might arise after a potential pullback.

For those considering different investments currently priced appealingly, it could be prudent to evaluate the situation, especially if they're nearing 52-week highs, as a way to manage potential gains.