Home Depot Inc. (HD) stock, which has risen more than 30% this year, is poised to climb another 10%, as the company takes advantage of a strong housing market and leverages its technological offerings, according to CNBC. Amid these advantages, Sam Hudson, an analyst for Atlantic Equities, upgraded the firm's shares to overweight and gave them a target of $197, up from the previous $168. (For more, see also: Home Depot Has Another Strong Quarter.)

Bullish Upgrade

This stock quickly reached an all-time high of $176.77 after Hudson upgraded the company, CNBC reported. On Wednesday, November 29, these shares rose even higher, climbing to as much as $178.06, according to Google Finance. Shares closed at $177.25 that day. If the company's stock does climb to $197, it will represent a roughly 11% increase from this last price. 

Shares of rival Lowe's Companies Inc. (LOW) have not fared as well, climbing roughly 17% year-to-date, additional Google Finance data shows. Hudson has predicted that when compared to Lowe's, Home Depot will "disproportionately capitalize" on the strong housing market. 

Consumer Confidence

This could come in handy, as consumer confidence recently rose to its highest level in 17 years, according to The Wall Street Journal. These improvements were widespread, being reported not only by those making six figures, but also those making less than $25,000 a year. If this sentiment remains strong, it could help Home Depot enjoy robust sales growth, bolstering the company's stock. (For more, see also: Storm Relief Yields Sales Momentum for Home Depot.)

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