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Morgan Stanley started coverage of Home Depot (NYSE: HD) at Equal-weight with a $90 price target (11.6 percent upside).
Analyst Simeon Gutman believes the company can maintain mid-teen earnings growth, but instability in the housing industry adds some risk to an investment.
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Gutman writes, “Risk/reward is slightly more attractive for other names in our coverage. This is due to our bull case for HD being capped by high-teens to 20% EPS growth and very modest multiple upside potential of half a turn. Our view is that while trends in the home improvement segment will be healthy, there will not be the same acceleration seen in prior years.”
Related: Top 4 Stocks In The Home Improvement Stores Industry With The Highest ROA
As with homebuilders, much of the business outlook is based on macroeconomic factors.
The $90 price target is based on 18 times Morgan Stanley’s 2015 EPS expectation of $5.10.
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.