Home Depot Analysts Raise Their Forecasts After Upbeat Q2 Results

The Home Depot, Inc. HD reported better-than-expected results for its second quarter.

The company posted a second-quarter FY23 sales decline of 2% year-on-year to $42.92 billion, beating the analyst consensus of $42.25 billion. EPS of $4.65 beat the analyst consensus of $4.46.

The board of directors also authorized a new $15 billion share repurchase program effective August 15, 2023, replacing its previous authorization.

Home Depot shares gained 0.7% to close at $332.14 on Tuesday.

These analysts made changes to their price targets on Home Depot following earnings announcement.

• Telsey Advisory Group raised the price target on Home Depot from $315 to $335. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating.
• Goldman Sachs increased the price target on Home Depot from $330 to $350. Goldman Sachs analyst Kate McShane maintained a Buy rating.
• JP Morgan boosted the price target on Home Depot from $321 to $335. JP Morgan analyst Christopher Horvers maintained an Overweight rating.
• Barclays raised the price target on Home Depot from $310 to $333. Barclays analyst Seth Sigman maintained an Equal-Weight rating.

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