Home Depot Stock Recommended as a Buy by 75% of Top Analysts

TD Cowen's Max Rakhlenko raised their price target on Home Depot (NYSE: HD) by 6% from $415 to $440 on 2024/03/04. The analyst maintained their Buy rating on the stock.

A meeting with management was the catalyst for their price target adjustment, Rakhlenko told readers.

"We came away from the chat constructive on Home Depot's strategies to play offense following the buildout completion of foundational complex Pro assets over the next year, and to remove friction points in DIY big ticket delivery," the analyst reported.

The company will take market share, and it remains their number two idea, Rakhlenko continued, and investors can expect the stock "to continue to work as upside to FY 2025 comps and EPS become visible with the eventual housing recovery."

This positive outlook from Rakhlenko adds to the consensus among analysts. Currently, 75% of top-rated analysts rate HD as a Strong Buy or Buy, while 25% see it as a Hold. There are no analysts recommending or strongly recommending selling the stock.

In terms of earnings per share (EPS) forecast, analysts predict HD's upcoming year will deliver $16.26. If these projections hold true, HD's next yearly EPS will increase by 3.9% on a year-over-year basis.

HD's stock price has shown strong performance recently. Since the company's latest quarterly report on 2024/02/20, the stock price has increased by 4.9%. Looking at the year-over-year performance, HD's stock is up by an impressive 27.6%. During this period, HD has outpaced the S&P 500, which has risen by 26.7%.

Max Rakhlenko, the TD Cowen analyst who raised HD's price target, is ranked in the top 36% of Wall Street analysts by WallStreetZen. With an average return of 1.4% and a 50% win rate, Rakhlenko specializes in the Consumer Cyclical sector.

Home Depot, Inc. is a leading home improvement retailer operating 2,300 stores in the United States, Canada, and Mexico. The company offers a wide range of products including building materials, home improvement products, lawn and garden products, and decor items. Additionally, Home Depot provides home improvement installation services and tool and equipment rentals. Established in 1978, the company is headquartered in Atlanta, GA.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.