Home Depot ‘probably the greatest long-term tales in retail,’ analyst says

Home Depot Inc. studies its fourth-quarter outcomes earlier than market open on Feb. 21, kicking off retail earnings season.

The house enchancment retail large’s skill to face up to competitors from Amazon.com Inc.
was one of many causes it deserves consideration, in response to JPMorgan analyst Christopher Horvers. “We believe HD remains one of the best long-term stories in retail given company-specific sales and margin initiatives, the duopoly/AMZN-resistant nature of the industry, and significant financial and operating leverage that amplifies EPS growth in better sales environments,” he wrote in a word launched Wednesday.

JPMorgan had an chubby score for Home Depot.

Of 37 analysts surveyed by FactSet, 21 had an chubby or purchase score, 14 had a maintain score, and two had an underweight or promote score for Home Depot

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Analysts surveyed by FactSet anticipated Home Depot to report gross sales of $35.97 billion, in contrast with $35.72 billion in the identical interval final 12 months. Analysts had been searching for earnings of $3.27 a share, or $3.28 on an adjusted foundation. Home Depot earned $3.21 a share within the prior 12 months’s quarter.

Home Depot’s inventory has fallen 8.9% over the past 12 months, in contrast with the S&P 500 Index’s
decline of 6.7%.

Barclays lately initiated protection of Home Depot and rival Lowe’s Cos.
with an equal weight score for each firms. “While we think these rank among the top long-term stories, they also have too much short-term top-line uncertainty, in our view,” wrote Barclays analyst Seth Sigman. 

In a latest report on the house enchancment sector, analytics firm Placer.ai highlighted the foot site visitors growth of the pandemic years as customers invested of their dwelling areas, but in addition famous the latest pressures on that development. “In 2022, macroeconomic headwinds and a pull-forward of demand contributed to a dip in home improvement visits when some non-essential projects were shifted to the back burner,” Placer.ai mentioned, additionally citing final 12 months’s slowdown in house gross sales.

Walmart, Target, Costco earnings on deck: retail giants face powerful vacation season comparability

Visits to Home Depot fell 14.4% in November 2022, in contrast with the identical interval within the prior 12 months, whereas visits to Lowe’s fell 18%. However, when in comparison with pre-pandemic ranges, foot site visitors to Home Depot and Lowe’s offers a rosier image, in response to Placer.ai. In December 2022, visits to Home Depot and Lowe’s had been down simply 1.9% and three.7%, respectively, in contrast with December 2019.

Placer.ai mentioned the broader financial local weather might additionally carry clients again to house enchancment shops in even higher numbers. “If mortgage rates and home prices continue to fall in 2023, as they did in the second half of 2022, home sales could heat up and once again drive significant foot traffic,” the info analytics firm wrote.

Lowe’s studies its fourth-quarter outcomes on March 1.

Source web site: www.marketwatch.com

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