Expanding the Pro Platform: Home Depot’s Mingledorff’s Acquisition Unlocks a $100B HVAC Opportunity

J.P. Morgan analyst Christopher Horvers has maintained their bullish stance on HD stock, giving a Buy rating today.

Christopher Horvers has given his Buy rating due to a combination of factors tied to Home Depot’s expansion in the complex pro channel. The SRS-led acquisition of Mingledorff’s brings Home Depot into HVAC distribution, adding a sizable, specialized category that meaningfully broadens its reach to residential and commercial professionals while deepening relationships with large homebuilders.

This deal effectively lifts Home Depot’s total addressable market by roughly $100B and creates a scalable platform that can grow via both organic initiatives and smaller bolt-on acquisitions. Management’s focus on cross‑selling across SRS, GMS, and core Home Depot assets, along with disciplined deal pricing and synergy potential, supports a favorable long‑term earnings outlook that underpins Horvers’s positive stance on the stock.

Horvers covers the Consumer Cyclical sector, focusing on stocks such as Home Depot, Advance Auto Parts, and AutoZone. According to TipRanks, Horvers has an average return of 8.6% and a 60.42% success rate on recommended stocks.

In another report released today, TipRanks – PerPlexity also upgraded the stock to a Buy with a $366.00 price target.