Guggenheim Reiterates Buy Rating on Home Depot (HD)

Guggenheim analyst Steven Forbes reiterated a Buy rating and $450.00 price target on Home Depot (NYSE: HD)

The analyst commented, "HD's 1Q 2025 operating results were essentially in-line with our expectations—excluding an un-modeled calendar shift benefit (~220 basis points, based our estimates) and an un-modeled FX headwind (~70 basis points). Importantly, this performance was driven by a meaningful acceleration in comp trends (one-year) as we move throughout the 1Q—to +1.8% in April (or +2.5% ex. Easter shift headwind), from +1.3% in March (or +0.5% ex. Easter shift benefit), and from (3.3%) in February, concurrent with the arrival of Spring 2025. When combined with the emerging benefits associated with HD's various strategic initiatives—a) PRO ecosystem capabilities to better serve the large, complex PRO (with management targeting bill-upon delivery capabilities within the order management system by the end of 2025), b) integration and growth (+mid-single digits) of SRS distribution, c) interconnected experience investments (including AI tools), d) fulfillment options and delivery experience enhancements, and e) merchandising improvements, including an expanded relationship with Behr (MAS, NC, $65.90) to exclusively offer KILZ branded primer products in the United States—we continue to see the path to a widening industry out-performance spread."

For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.

Shares of Home Depot closed at $377.05 yesterday.

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