Will Home Depot Continue To Weather Macro Challenges? 'Continued Softness In Discretionary Projects,' But 'Compelling Recovery Opportunity,' Say Analysts
Portfolio Pulse from Priya Nigam
Home Depot (NYSE:HD) shares rose despite disappointing Q1 sales. Analysts from Truist, BofA, Mizuho, DA Davidson, JPMorgan, and KeyBanc provided mixed reviews, with most maintaining Buy ratings but adjusting price targets. Key concerns include delayed spring weather, softness in discretionary projects, and macroeconomic challenges. However, analysts see potential for recovery in the latter half of the year.
May 15, 2024 | 4:56 pm
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Home Depot shares rose despite disappointing Q1 sales. Analysts from multiple firms maintained Buy ratings but adjusted price targets. Key concerns include delayed spring weather, softness in discretionary projects, and macroeconomic challenges. However, potential for recovery is seen in the latter half of the year.
Despite disappointing Q1 sales, Home Depot's stock rose due to analysts maintaining Buy ratings and seeing potential for recovery in the latter half of the year. The delayed spring weather and softness in discretionary projects are concerns, but easing pricing pressures and improved trends are expected to drive performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100