Cramer Adds Home Depot (HD) to Top 5 for '09 List
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Cramer named Home Depot (NYSE: HD) his fifth pick for his list of the Top 5 Dow Stocks for 2009 on Friday, concluding the week-long theme. Just to review, Cramer's other top picks were: Hewlett-Packard (NYSE: HPQ), Verizon (NYSE: VZ), Johnson & Johnson (NYSE: JNJ) and Caterpillar (NYSE: CAT).
Home Depot as Cramer's fifth stock pick for '09 may surprise some Mad Money viewers as the pundit has been extremely bearish on the stock for quite some time. Cramer has been very convicted in his housing bottom call, however, and believes that investors should think about buying Home Depot as a play on the approaching bottom. Cramer is very specific in his prediction, placing the exact bottom in the housing market as "only 171 days away."
Additionally, Cramer believes that the actions taken by the federal government to help homebuyers and homeowners, as well as historically low interest rates, will be positive catalysts for Home Depot. Cramer also mentioned Home Depot's "juicy" 3.8% dividend yield as another positive for the stock.
Despite the bullishness on Home Depot, Cramer admitted that he likes Lowe's (NYSE: LOW) stock more, but said he couldn't include the stock in his list as it is not in the Dow.
Shares of Home Depot are currently down 2.9% to $23.17 today.
The Home Depot, Inc. operates as a home improvement retailer primarily in the United States, Canada, and Mexico.
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