Home Depot Inc Stock Forecast:
According to a stock forecast by 30 analysts, the average target price for Home Depot Inc over the next 12 months is $337.55. The average analyst rating for the company is “Buy.” However, Stock Target Advisor‘s own analysis of Home Depot Inc suggests a “Neutral” stance, considering 9 positive signals and 8 negative signals. The stock’s closing price was $288.54, reflecting a change of +0.21% over the past week. Over the past month and year, the stock price has decreased by -1.25% and -2.53%, respectively.
Recent Target Changes:
Robert W Baird & Co. maintained an Outperform rating for Home Depot (HD:NYE) on 5/12/2023 and lowered the target price to $320 from $340 on the company’s stock.
Evercore ISI lowered the target on Home Depot to $430 on 4/11/2023.
Home Depot News:
Home Depot Inc, has recently revised its annual sales forecast downward and expects a more significant decline in profit than previously anticipated. The company’s cautious outlook reflects a trend of reduced consumer spending on tools and building materials due to persistently high inflation rates.
Home Depot Inc now expects its comparable sales to decline between 2% and 5% in fiscal 2023, a departure from its earlier projection of sales remaining nearly flat. This adjustment reflects the challenging economic conditions in which consumers have curtailed their spending on home improvement products amidst elevated inflation levels. The company’s revised earnings per share forecast also reflects a more substantial decline, ranging between 7% and 13%, compared to its previous outlook of a mid-single digits decrease.
Home Depot recently reported its first-quarter results, which provide insight into its current performance. The company’s comparable sales for the quarter decreased by 4.5%, falling short of estimates that projected a 1.74% decline. Despite the decline, Home Depot managed to exceed earnings expectations by posting a profit of $3.82 per share, slightly above the estimated $3.80.
