Morgan Stanley Reiterates Overweight Rating on Home Depot (HD)
Morgan Stanley analyst Simeon Gutman reiterated an Overweight rating and $380.00 price target on Home Depot (NYSE: HD)
The analyst comments "No guidance change is good news for this bottom of cycle bellwether. 1H bathtub effect is not unusual. ‘24/’25 estimates seem fine. No major housing inflections yet- timing is key debate. OW. Q1'24 results relatively in-line in our view. Q1 comps of -2.8% were in-line with market expectations, though they slightly misses the Street consensus of -2%. Market expectations for Q1 comps came down in recent weeks given a slower start to spring weather. We have seen the "bathtub effect" before, in which weather delayed Q1 sales spill over into Q2, enabling the first half to be in-line with what was originally contemplated in full-year guidance."
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Shares of Home Depot closed at $340.96 yesterday.