UPDATE: Bank of America Initiates HD Supply Holdings at Buy on Multiple Positive Factors
In a report published Tuesday, Bank of America analyst Andrew Obin initiated coverage on HD Supply Holdings (NASDAQ: HDS) with a Buy rating and $28.00 price target.
In the report, Bank of America noted, “We are initiating coverage on HD Supply (HDS) with a Buy Rating and $28 PO. HDS is one of the leading industrial distributors in North America, with a focus on non-residential and residential construction markets. We highlight the company's multiple sources of leverage (operational, cyclical, and financial), which will enable HDS to grow earnings well ahead of the peer group going into CY14 and beyond. HDS went public on 6/26/2013 at $18/share with proceeds used to retire its $950mn 10.5% Senior Subordinated notes.”
HD Supply Holdings closed on Monday at $23.00.
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