Shares of At Home (NYSE: HOME) surged today, finishing up 13.5% after a Wall Street analyst released a bullish research note on home-furnishing retailers. Separately, investors were also encouraged by fresh retail sales data released by the Commerce Department.
Jefferies boosted its price targets on numerous home improvement and home-furnishing companies, including Lowe's, Home Depot, and Wayfair. The firm believes that the broad shift to remote work that COVID-19 is spurring may translate into a large number of people moving from urban cities to suburban areas, boosting homeownership in 2021. Those new homeowners are then expected to start buying more products to furnish those homes, particularly as homeowners tend to spend more on big-ticket purchases like appliances than renters.
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Source Fool.com