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Home Depot shares are in a good place right now, analysts at Nomura said Thursday.
The analysts upgraded the blue-chip stock to "buy" from "neutral" and raised their price target to $155 from $140, presenting a potential upside of 21.5 percent from Wednesday's close of $127.60. Home Depot shares traded near $128.15, up 0.4 percent.
"While some of the strength we see is reflected in the shares at the current valuation ... we believe that market share gains, competitive advantages, a solid underlying market, and strong management all position the company well for growth and provide downside protection," they said in a note to clients.
The Dow component has surged about 13 percent over the past year, but has struggled for gains in 2016, falling about 3 percent.
HD in 2016Source: FactSet