Deutsche Bank Lifts Targets on Home Depot, Lowe's Ahead of Q2 Results (HD, LOW)
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Today an analyst at Deutsche Bank is out with a bullish note on the two major home improvement retailers, Home Depot (NYSE: HD) and Lowe's (NYSE: LOW), ahead of their Q2 results, expected out Tuesday, August 18 and Monday, August 17, respectively.
The firm believes that these quarterly reports should be positive catalysts for the two stocks as "many leading indicators have begun to look better." Deutsche believes same store sales at Home Dept will be inline with its guidance of an 8% drop and, for Lowe's, a 7% decline, but feels that gross margins could be the metric that comes in better-than-expected. The firm also added that comps will likely accelerate in the second half of this year, citing longer-term earnings power by both retailers.
Deutsche raised its price target on Home Depot from $24 to $27 and its target on Lowe's from $23 to $26. The firm kept its investment rating on Home Depot at Hold and its rating on Lowe's at Buy.
Shares of Home Depot are down about 0.2% to $26.27 today, while shares of Lowe's are up 0.4% to $22.83.
The firm believes that these quarterly reports should be positive catalysts for the two stocks as "many leading indicators have begun to look better." Deutsche believes same store sales at Home Dept will be inline with its guidance of an 8% drop and, for Lowe's, a 7% decline, but feels that gross margins could be the metric that comes in better-than-expected. The firm also added that comps will likely accelerate in the second half of this year, citing longer-term earnings power by both retailers.
Deutsche raised its price target on Home Depot from $24 to $27 and its target on Lowe's from $23 to $26. The firm kept its investment rating on Home Depot at Hold and its rating on Lowe's at Buy.
Shares of Home Depot are down about 0.2% to $26.27 today, while shares of Lowe's are up 0.4% to $22.83.
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