The news likely should have been better for home improvement giant Home Depot (HD). Truist Financial analysts offered up a bit of a preview on Home Depot’s second quarter earnings and seemed pleased with what they saw. Investors, on the other hand, were not so certain. In fact, shares of Home Depot slipped fractionally in Friday morning’s trading.
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Truist analysts maintained their Buy rating on Home Depot stock, and also hiked the price target from its original $417 per share to $433. Truist offered up a preview of second quarter results at Home Depot as part of a “broader research note,” reports noted, which offered a look at a range of names in the Hardlines/Broadlines Consumer segment.
Early word says that the results should be “…solid for most companies under coverage,” though many retailers are about to find comparisons to be a little difficult thanks, in part, to the trade wars and resulting tariffs. Truist also noted that outcomes were likely to be better for “…needs-based retailers and deep value providers.” Home Depot likely qualifies on that list.
Meanwhile, in the Ongoing Parking Lot Wars
The Home Depot parking lot as a battleground over illegal immigration continues, and this time, with fatal results. During a raid on a Home Depot parking lot in Monrovia, one man bolted from the scene, trying to avoid federal agents. Oddly, the man in question was not being pursued by federal agents at the time, reports noted, but he ran anyway.
The man reportedly jumped over a concrete wall, entering the eastbound 210 Freeway on foot. He was subsequently struck by a car traveling on said freeway. This was also enough for a protest to gather in front of the Home Depot featuring about 50 people, some with signs reading “ICE out of LA.” Chants featured the phrase “When Trump says get back, we say fight back.”
Is Home Depot a Good Long-Term Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on HD stock based on 19 Buys and six Holds assigned in the past three months, as indicated by the graphic below. After a 10.57% rally in its share price over the past year, the average HD price target of $429.53 per share implies 8.3% upside potential.
