Bank of America Securities analyst Robert Ohmes has reiterated their bullish stance on HD stock, giving a Buy rating today.
Robert Ohmes has given his Buy rating due to a combination of factors including Home Depot’s strong financial performance and strategic initiatives. The company reported fourth-quarter earnings per share that surpassed expectations, with comparable sales showing growth both overall and in the U.S. market. This performance was bolstered by increased consumer engagement in home improvement spending and additional sales driven by hurricane-related demand.
Furthermore, Ohmes anticipates that Home Depot will continue to outperform the industry, driven by strategic initiatives and market share gains. Despite a reduction in earnings estimates for the upcoming fiscal year, the company is expected to maintain growth through its focus on complex professional services and cross-selling efforts with SRS Distribution. These factors, along with potential benefits from a reduction in interest rates, support the Buy rating and a price objective of $450.
Ohmes covers the Consumer Cyclical sector, focusing on stocks such as Costco, AutoZone, and O’Reilly Auto. According to TipRanks, Ohmes has an average return of 10.4% and a 59.51% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $420.00 price target.