Truist Securities Upgrades Home Depot (NYSE:HD) to Buy

Home Depot (NYSE:HD) was upgraded by investment analysts at Truist Securities from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage presently has a $448.00 price target on the home improvement retailer’s stock, up from their prior price target of $420.00. Truist Securities’ target price would indicate a potential upside of 20.43% from the stock’s current price. Truist Securities also issued estimates for Home Depot’s Q1 2024 earnings at $3.87 EPS, Q2 2024 earnings at $5.32 EPS, Q3 2024 earnings at $4.56 EPS and FY2024 earnings at $17.45 EPS.

HD has been the subject of several other research reports. Loop Capital upped their target price on Home Depot from $325.00 to $340.00 and gave the stock a “hold” rating in a research note on Wednesday, November 17th. Wells Fargo & Company upped their target price on Home Depot from $420.00 to $460.00 in a research note on Wednesday, January 5th. Morgan Stanley upped their target price on Home Depot from $370.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 17th. Barclays upped their target price on Home Depot from $350.00 to $430.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 17th. Finally, Citigroup boosted their price objective on Home Depot from $418.00 to $445.00 and gave the company a “buy” rating in a research report on Wednesday, November 17th. Five analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $419.16.

Shares of NYSE HD opened at $372.00 on Thursday. Home Depot has a 12 month low of $246.59 and a 12 month high of $420.61. The company has a current ratio of 1.13, a quick ratio of 0.37 and a debt-to-equity ratio of 35.47. The firm has a market capitalization of $388.46 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 2.06 and a beta of 0.98. The business has a 50-day moving average of $398.55 and a 200-day moving average of $357.14.

Home Depot (NYSE:HD) last issued its quarterly earnings data on Tuesday, November 16th. The home improvement retailer reported $3.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.41 by $0.51. Home Depot had a return on equity of 786.90% and a net margin of 10.79%. The company had revenue of $36.82 billion during the quarter, compared to analyst estimates of $34.87 billion. During the same quarter in the previous year, the firm earned $3.18 earnings per share. Home Depot’s revenue was up 9.8% on a year-over-year basis. On average, analysts predict that Home Depot will post 15.49 earnings per share for the current year.

In other Home Depot news, EVP Teresa Wynn Roseborough sold 18,878 shares of the stock in a transaction dated Wednesday, November 17th. The stock was sold at an average price of $395.19, for a total value of $7,460,396.82. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Richard V. Mcphail sold 14,544 shares of the stock in a transaction dated Wednesday, November 17th. The shares were sold at an average price of $392.83, for a total value of $5,713,319.52. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Core Alternative Capital bought a new position in shares of Home Depot in the third quarter worth about $29,000. Activest Wealth Management bought a new position in shares of Home Depot in the second quarter worth about $34,000. Strategic Asset Management LLC bought a new position in shares of Home Depot in the third quarter worth about $41,000. Fortis Advisors LLC bought a new position in shares of Home Depot in the third quarter worth about $82,000. Finally, Bell Investment Advisors Inc bought a new stake in Home Depot during the 3rd quarter valued at approximately $84,000. 69.53% of the stock is currently owned by institutional investors.

Home Depot Company Profile

The Home Depot, Inc engages in the sale of building materials and home improvement products. Its products include building materials, home improvement products, lawn and garden products and decor products. The firm operates through the following geographical segments: U.S., Canada and Mexico. It offers home improvement installation services, and tool and equipment rental.

Recommended Story: Special Purpose Acquisition Company (SPAC)

Stock Target Advisor logo

Analyst Recommendations for Home Depot (NYSE:HD)

Receive News & Ratings for Home Depot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Home Depot and related companies with MarketBeat.com's FREE daily email newsletter.