Gabelli Downgrades Home Depot (HD) to Hold, Says Housing Recovery Mostly Priced In
Gabelli downgraded Home Depot (NYSE: HD) from Buy to Hold with a PMV target for 2013 of $62 and for 2014 of $69.
The firm comments, "Downgrading recommendation to Hold from Buy as we believe the housing recovery is now mostly priced in the current valuation. 3Q revenues of $18.1 bn, were up 4.6% YoY, driven by continued demand for core products... Management expects Hurricane Sandy sales benefit to match that of Irene, which had $15 bn in damages, and generated $360 mm in incremental sales for HD. Sandy is projected to have caused $20 bn in damages, and so far has resulted in
$80 mm in incremental sales in Q3."
For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.
Shares of Home Depot closed at $63.38 yesterday, with a 52 week range of $36.41-$64.44.
The firm comments, "Downgrading recommendation to Hold from Buy as we believe the housing recovery is now mostly priced in the current valuation. 3Q revenues of $18.1 bn, were up 4.6% YoY, driven by continued demand for core products... Management expects Hurricane Sandy sales benefit to match that of Irene, which had $15 bn in damages, and generated $360 mm in incremental sales for HD. Sandy is projected to have caused $20 bn in damages, and so far has resulted in
$80 mm in incremental sales in Q3."
For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.
Shares of Home Depot closed at $63.38 yesterday, with a 52 week range of $36.41-$64.44.