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The consumer backdrop is set to normalize in 2022 and 2023 and the nearer-term prospects for Home Depot Inc (NYSE:HD) have improved, according to Oppenheimer.
The Home Depot Analyst: Brian Nagel upgraded the rating for Home Depot from Perform to Outperform, while establishing a price target of $470.
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The Home Depot Thesis: While challenges remain in the home improvement retail segment, the risks of “a significant, transitional-type setback” have diminished, Nagel said in the upgrade note.
Underlying demand in the segment appears poised to grow, “even as pandemic tailwinds abate, thereby helping to propel continued solid, if not outsized, sales and profit expansion,” for both Home Depot and Lowe's Companies Inc (NYSE:LOW) for the foreseeable future, the analyst commented.
“For HD, we now look for FY22 (Jan. 2023) and FY23 (Jan. 2024) EPS of $15.57 and $17, up from prior estimates of $12.91 and $13.91, vs. current Street forecasts of $16.16 and $17.27. We also introduce a FY24 (Jan. 2025) forecast of $18.80,” he further wrote.
HD Price Action: Shares of Home Depot had risen by 2.12% to $415.87 at the time of publication Monday.
Photo: Courtesy Home Depot
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.