Not long ago, we heard about how home improvement giant Home Depot (HD) denied that it had any kind of formal contract with the Department of Homeland Security (DHS) or with Immigration and Customs Enforcement (ICE). But Los Angeles City Council member Ysabel Jurado does not seem to believe that. But her cries fell on deaf ears with investors, as shares notched up fractionally in Tuesday afternoon’s trading.
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Home Depot is looking to expand and put in a store in Eagle Rock, a neighborhood in Los Angeles. Jurado, meanwhile, put up an impressive rant on social media, reports noted, accusing Home Depot of being “complicit” in the numerous parking lot raids. Jurado used Home Depot’s lack of pushback as proof on this point, noting that Home Depot has “…remained silent” as the raids happened.
Ultimately, she declared, “Take your orange aprons somewhere else. Home Depot has no place in Eagle Rock.” The plan called for Home Depot to demolish a location that used to be Macy’s (M), located in Eagle Rock Plaza. Home Depot, for its part, reiterated that it has received no notification of ICE activities, and most of the time, does not even know that arrests have taken place until after the fact.
“Not Our Call”
Meanwhile, a couple weeks ago, we found out about potted plants going to waste at Home Depot locations. New reports suggest the process is still going on, and this time, it was an employee who tipped off social media.
The picture featured a row of carts holding plants that were contained in plastic pots, intended for disposal. The posted image prompted an outcry on social media, with some revealing that they had seen an array of tomato plants get tossed out. The plants, the report suggested, might have made an excellent community garden, but were instead simply discarded. The original poster noted that such a move is “…not our call.” The plants come from outside vendors, thus making the disposal of unsold merchandise up to someone else.
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 an 11.52% rally in its share price over the past year, the average HD price target of $445.73 per share implies 9.21% upside potential.
