Home Depot: Buy Rating Backed by Strategic Positioning and Growth Potential Amid Economic ShiftsWe view HD well positioned to gain share regardless of backdrop, but cyclical unlocks (OBBBA, further rate cuts, etc.) would go a long way toward accelerating recovery in '26. The EPS bar is low and sentiment soft, but we believe HD could help itself at A-Day by further highlighting idiosyncratic drivers (Pro wallet share gains, initiatives, AI, etc), complex Pro/SRS synergies (cross-sell, inside sales, trade credit, etc) and reasons to believe LT margins can improve.