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Home Depot, Lowe’s stocks get boost from Jefferies upgrades

Yahoo Finance Live anchors discuss Jefferies raising price targets on Home Depot and Lowe's.

Video Transcript

[AUDIO LOGO]

BRIAN SOZZI: Now it's hit a few calls of the day. Some good Wall Street research notes to wade through today, guys. And I'm starting with a very extensive note out of Jefferies on the home improvement space. Home Depot and Lowe's, 55-page report from this team. I will distill it very quickly.

They are looking, or expect-- they do expect a slowdown in some areas of the home improvement market. But that team at Jefferies making a case that annual spending on home maintenance an emergency on your home, will help offset some of that more discretionary areas of home improvement.

A couple of good charts here, too, as well to support these claims. First, it's home ownership amongst millennials. So you continue to see that rise in this country. And then also, number two, spending on overall to recover from disasters like what we saw from Hurricane Ian, Jefferies making the case there that that spending will help lift Home Depot and Lowe's and again, offset some of that weakness in other areas of the market because of the housing slowdown.

- Yeah, kind of ties into the data that you were mentioning earlier from Redfin. If we do see less of the existing homes on the market, or less homes being put on the market, how does that impact the number of DIY projects that are set to take place as well in the future?