Home Depot, Inc. (The) (NYSE:HD) – How Home Depot Is Winning And Could Keep Momentum

 Home Depot, Inc. (The) (NYSE:HD) – How Home Depot Is Winning And Could Keep Momentum

Home improvement retailer Home Depot Inc (NYSE: HD) reported first-quarter earnings that showed strength in many areas. Analysts sized up the earnings in recent updates and included several price target increases. 

The Home Depot Analysts: Raymond James analyst Bobby Griffin reiterated an Outperform rating and a price target of $350.

RBC analyst Scot Ciccarelli reiterated an Outperform rating and raised the price target from $377 to $386.

Morgan Stanley analyst Simeon Guitman reiterated an Overweight rating and raised the price target from $340 to $345.

Telsey Advisory Group analyst Joseph Feldman reiterated an Outperform rating and a price target of $370.

Earnings Takeaways: Thirteen of Home Depot’s of 14 product categories posted gains of 20% year-over-year or more. Griffin noted that some larger ticket items saw more than 50% year-over-year increases such as appliances, vinyl flooring and vanities.

Same-store sales were up 19.8% in February, 36.2% in March and 34.3% in April.

One key takeaway for Griffin was the Pro segment outpacing do-it-yourself (DIY) for the first time since the COVID-19 pandemic began, which could be a key trend to watch going forward.

Traffic was up 19.1% for Home Depot in the first quarter, Ciccarelli highlighted in an updated note. People are making more trips to Home Depot and the company is likely seeing new customers in their stores.

“Housing demand is dramatically outpacing supply,” Gutman said.

Gutman said…

Read more…www.benzinga.com

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