Home Depot Inc (NYSE:HD) shares were climbing in early trading on Wednesday, despite the company reporting disappointing first-quarter sales.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

Truist Securities On Home Depot

Analyst Scot Ciccarelli reiterated a Buy rating while cutting the price target from $417 to $406.

Home Depot reported its first-quarter results broadly in line with expectations, with comps down 2.8%, Ciccarelli said. While the company was tracking short of expectations for most of the quarter, “trends improved as Spring weather arrived later in April,” he added.

Comps for Complex Pros were positive “in markets where it has invested in its supply chain and outside sales force,” the analyst wrote. He further stated that pricing pressures could ease through the year and “should be an incremental driver to comp performance” in the back half of the year.

BofA Securities On Home Depot

Analyst Robert Ohmes maintained a Buy rating and price target of $425.

Despite a higher-than-expected decline in comps, Home Depot reported earnings of $3.63 per share, exceeding consensus of $3.60 per share due to a lower tax rate, Ohmes said. Operating margins contracted by 95 basis points (bps) year-on-year to 13.9%, missing expectations of 14.1%, he added.

“Comp sales were negatively impacted by a delayed start to spring and softness in larger discretionary projects,” the analyst wrote. Although the …

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