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With both Home Depot (NYSE: HD) and Lowes Companies (NYSE: LOW) slated to post second-quarter results this week, one analyst thinks both shares will see a bump.
Credit Suisse's Gary Balter expects both companies to meet or beat an expected four percent increase in same-store sales. He figures both will present top-line surprises.
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"Channel checks with suppliers and other data point to strong sales," Balter said in a research note Monday, which he called "names to own ahead of earnings."
Sears has once again donated market share, Balter said, "and there remains a huge pent-up demand for housing repair and maintenance" of an aging U.S. housing stock.
Balter rates both companies at Outperform with an $87 target on Home Depot and $55 on Lowes.
Home Depot, set to post earnings before the market opens Tuesday, is expected to report profit of $0.92 per share, down from $1.24 per share a year ago. Revenue is expected to grow 4.7 percent to $23.6 billion, from $22.522 billion a year ago.
Lowes, slated to post Wednesday, is expected to show a 16 percent increase in earnings to $1.02 per share, compared with $0.88 a year earlier.
Lowe's revenue is forecast to grow 5.4 percent to $16.8 billion, from $15.7 billion the prior year.
Home Depot traded recently at $83.90 per share, up 0.25 percent; Lowes was up one percent to $50.50.
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.