Home Depot Q1 Earnings: Analyst Bullish Ahead of Earnings Call

Home Depot Q1 Earnings: Analyst Bullish Ahead of Earnings Call

Home Depot Inc (HD: NSD) is set to report its Q1 earnings tomorrow, May 14, before the start of trading. Analysts are cautiously optimistic about the home improvement giant’s performance, but tempering expectations for a slight decline compared to last year.

 

Analyst Ratings and Expectations:

Below are the Wallstreet expectation for the Q1 earnings of Home Dept  

  • Earnings per share (EPS) are expected to be around $3.60, down 5.8% year-over-year.
  • Revenue is projected to come in at $36.6 billion, reflecting a 1.6% decrease from the first quarter of 2023.

Despite the anticipated decline, analyst sentiment on Home Depot stock remains positive. Here’s a glimpse into what some analysts are expecting:

  • Seth Basham, Wedbush: Maintains a “Buy” rating on HD with a price target of $410, indicating a potential upside of 18.4%.
  • Steven Zaccone, Citi: Expects Home Depot’s results to be in line with or slightly above analyst estimates. However, he anticipates continued weakness in the pet retail and electronics categories.

HD Ratings by Stock Target Advisor

Stock Target Advisor’s Evaluation:

Stock Target Advisor’s gives ‘Hold’ ratings to Home Depot with a Target Price of $386, factoring in a Projected Price Change over the next 12 months of 11.42% favorable increase. Compiled market data reveals an average analyst target price for Home Depot Inc. at $376.95 within the next year, advocated by a prevailing analyst rating of ‘Strong Buy’. However, giving equal weight to positive and negative signals, our unique perspective on Home Depot Inc. paints a more neutral picture.

 

Final Thoughts:

The upcoming earnings report will be crucial for investors to gauge Home Depot’s ability to navigate the changing consumer spending landscape and its plans for future growth.

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