Home Depot Q3: Additional Hurricane Related Demand
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Home Depot's Q3 results show a 1.3% decline in same-store sales, but hurricane-related demand added $200 million in sales. The company expects 4% revenue growth in FY24, despite a 2.5% decline in same-store sales and plans to open 12 new stores. A 'Buy' rating is reiterated with a fair value of $450 per share.
November 13, 2024 | 1:45 am
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Home Depot's Q3 results were impacted by hurricane-related demand, adding $200 million in sales. Despite a 1.3% decline in same-store sales, the company expects 4% revenue growth in FY24 and plans to open 12 new stores. A 'Buy' rating is reiterated with a fair value of $450 per share.
The positive impact of hurricane-related demand and the company's guidance for revenue growth in FY24, despite a decline in same-store sales, supports a positive short-term outlook. The reiteration of a 'Buy' rating and a fair value of $450 per share further boosts investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100