Oppenheimer Sees Another Solid Quarter for The Home Depot

In a report published Tuesday, Oppenheimer analyst Brian Nagel reiterated an Outperform rating and $115.00 price target on The Home Depot HD. In the report, Oppenheimer noted, “We look favorably upon the essentially in-line Q3 (Oct.) results that Home Depot announced early today. Domestic comp store sales at HD rose an impressive 5.8% fueled by gains in ticket and traffic. The chain continues to manage margins and expenses well. We did not find much new in trends at HD lately. The company continues to execute very well amid an improving consumer and housing backdrop in the US. We are encouraged that the recent abrupt shift to colder weather across the country will help to spur better sales of seasonal products. We expect any pullback upon concerns of lack of EPS upside in the quarter to prove short-lived. Our rating on HD remains Outperform.” The Home Depot closed on Monday at $98.03.