Analysts Adjust Home Depot's Estimates, Trim Price Targets Posts Q3 Results: Details
Portfolio Pulse from Lekha Gupta
Post Q3 FY23 results, analysts have adjusted their price targets and estimates for The Home Depot Inc (NYSE:HD). Despite a sales decline of 3% to $37.71 billion, Home Depot beat the consensus estimate of $35.66 billion with an EPS of $3.81. The company also narrowed its FY23 sales and EPS forecast. Analysts from Goldman Sachs, Truist Securities, Oppenheimer, Guggenheim, RBC Capital Markets, and Telsey Advisory Group have revised their price targets and EPS estimates, with most maintaining positive ratings but adjusting figures to reflect Q3 outcomes and future expectations. HD shares rose by 1.36% to $307.76.
November 15, 2023 | 7:34 pm
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Analysts have adjusted their price targets and EPS estimates for Home Depot following its Q3 FY23 results, with most maintaining a positive outlook despite a sales decline and narrowed FY23 forecasts.
The adjustments in price targets and EPS estimates by analysts are a direct response to Home Depot's Q3 performance and revised FY23 forecasts. While the sales decline could be seen as negative, the fact that Home Depot beat consensus estimates and the shares rose post-announcement suggests a positive short-term impact. Analysts' continued positive ratings and the share price increase indicate investor confidence and potential for short-term price stability or growth.
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