November 28, 2023

House Depot Inc (NYSE:HD) reported quarterly income and revenues forward of Boulevard expectancies Tuesday and reiterated its 2022 steering.

Raymond James On House Depot

Analyst Bobby Griffin reaffirmed an Outperform score whilst elevating the fee goal from $340 to $350.

Even if House Depot’s quarterly effects had been “cast,” there appears to be “some investor fear that the housing marketplace may flip much less favorable for HD following the step-up in rates of interest by means of diminished housing turnover and in the long run falling domestic values,” Griffin mentioned in a be aware.

Similar Hyperlink: House Depot Beats On Q2 Aided Through House Development Mission Call for; Reaffirms FY22 Steering

Whilst gross sales traits had been robust, stock ranges stay a priority space, with a year-on-year build up within the quarter, he added.

“General, whilst we recognize the near-term investor sentiment on HD and different sturdy comparable shops most likely stays difficult with macro uncertainty, we take care of our view that the long run outlook stays favorable (~17% marketplace proportion of a ~$900 billion TAM),” the analyst additional wrote.

Take a look at different analyst inventory scores.

Telsey Advisory Team On House Depot

Analyst Joseph Feldman maintained an Outperform score and $375 worth goal.

House Depot’s income beat was once pushed by means of “robust gross sales expansion and cast expense control, regardless of demanding situations from chillier climate inflicting a later begin to the spring promoting season and lapping a robust 2Q21 fueled by means of the pandemic and govt stimulus,” Feldman mentioned in a be aware.

“The cast call for pattern, blended with more than one strategic tasks, must force persevered outperformance,” he added.

“House Depot additionally has a versatile trade style, which supplies us self belief the corporate can reach its objectives …The corporate must proceed to get pleasure from favorable macro make stronger — upper domestic costs and transforming job,” the analyst additional said.

Credit score Suisse On House Depot

Analyst Daniel Oppenheim reiterated an Outperform score and value goal of $450.

“We’re keeping up our 2Q22 estimate of $16.85 in keeping with the upside from 2Q, offset by means of some conservatism in 3Q and 4Q in keeping with reasonably harder comps,” Oppenheim mentioned in a be aware.

Even if House Depot faces more difficult comps within the again part of the yr, it has made a robust begin to the 3rd quarter, he added.

HD Worth Motion: Stocks of House Depot had been down 0.29% at $326.60 Wednesday afternoon. 

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