Home Depot's Mixed Q4 Results And Cautious 2024 Outlook: Goldman Sachs Analyst Weighs In
Portfolio Pulse from Anusuya Lahiri
Home Depot, Inc (NYSE:HD) reported mixed Q4 fiscal 2023 results with an EPS of $2.82, surpassing estimates but with a 2.9% Y/Y decrease in net sales to $34.8 billion. Comparable sales also fell by 3.5% Y/Y. The company's operating margin decreased to 11.9%. For fiscal 2024, Home Depot provided cautious guidance, including a 1.0% sales growth and a 1.0% decline in comparable sales, both below consensus estimates. Goldman Sachs analyst Kate McShane reiterated a Buy rating on HD with a $393 price target, expecting an adverse reaction to the guidance.
February 20, 2024 | 9:14 pm
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Home Depot reported mixed Q4 results with higher-than-expected EPS but lower sales and cautious fiscal 2024 guidance. Goldman Sachs maintains a Buy rating with a $393 price target.
The mixed Q4 results, combined with cautious fiscal 2024 guidance below consensus estimates, are likely to impact investor sentiment negatively in the short term. Despite the Buy rating from Goldman Sachs, the cautious outlook could lead to adverse market reactions.
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