Home Depot's Price Forecasts For 2024 Lowered By Analysts Amid Modest Sales Growth, Cite Weaker Consumer Outlook
Portfolio Pulse from Lekha Gupta
Home Depot's (NYSE:HD) price forecasts for 2024 have been lowered by several analysts following modest sales growth and a weaker consumer outlook. Despite reporting a slight sales increase and beating EPS estimates, analysts have cut price targets and revised earnings estimates downward. Investors can also gain exposure to Home Depot through ETFs like iShares U.S. Consumer Focused ETF (BATS:IEDI) and SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY).
August 14, 2024 | 5:48 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Home Depot's price forecasts for 2024 have been lowered by several analysts following modest sales growth and a weaker consumer outlook. Despite reporting a slight sales increase and beating EPS estimates, analysts have cut price targets and revised earnings estimates downward.
The news predominantly focuses on Home Depot, detailing multiple analysts' revisions of price targets and earnings estimates downward due to modest sales growth and a weaker consumer outlook. This is likely to negatively impact the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Investors can gain exposure to Home Depot through the iShares U.S. Consumer Focused ETF (BATS:IEDI). The ETF may experience some volatility due to the lowered forecasts for Home Depot.
The iShares U.S. Consumer Focused ETF (BATS:IEDI) includes Home Depot as a component. The negative outlook for Home Depot could lead to some short-term volatility in the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Investors can gain exposure to Home Depot through the SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY). The ETF may experience some volatility due to the lowered forecasts for Home Depot.
The SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) includes Home Depot as a component. The negative outlook for Home Depot could lead to some short-term volatility in the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50