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Shares of Home Depot Inc (NYSE:HD) were under pressure in early trading on Wednesday, after the company reported downbeat fiscal third-quarter sales.
Here are some key analyst takeaways:
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BofA Securities: HD reported adjusted earnings of $3.74 per share, missing Street expectations of $3.84 per share, Ohmes said in a note. Comp sales missed the consensus estimate, with total comps growth of 0.2% and U.S. comps growth of 0.1%, he added.
Comps were impacted primarily by "the lack of storm demand," the analyst stated. The price target has been lowered to reflect "weak housing turnover and incremental consumer uncertainty," he further wrote.
DA Davidson: Home Depot indicated that its quarterly sales miss and lowered full-year guidance were "primarily due to tougher comparisons against last year's storm season," Baker said. There is a downside to the consensus estimates due to the company's mix shifting toward its lower-margin wholesale businesses, he added.
While Home Depot continues to gain market share amid the soft macro environment, "a bottom in the housing recovery cycle has been pushed out from 2025," the analyst wrote.
Telsey Advisory Group: The uptick in demand witnessed during spring and summer was "short-lived," with demand decelerating as the third quarter progressed, Feldman said. He added, however, that underlying demand remained stable in both quarters, excluding storm sales.
Although most consumers are upgrading their purchases, large projects like kitchen, flooring, and bathroom remodels, remain under pressure, the analyst stated. "Overall, while the near-term is a bit weaker than previously anticipated, Home Depot should remain a long-term winner in retail, given its best-in-class execution, digital prowess, and pent-up maintenance and repair activity," he further wrote.
Goldman Sachs: Home Depot's comps growth decelerated as the quarter progressed, "with August at +2.2%, September at +0.3%, and October at -1.7%," McShane said. The company indicated that its expectation of a sequential improvement in demand in the back half of 2025 has not materialized, she added.
Management's updated full-year guidance reflects the company's third quarter performance and "continued pressure in the fourth quarter from the lack of storm activity, ongoing consumer uncertainty and housing pressure," the analyst further wrote.
HD Price Action: Home Depot shares were down 1.05% at $332.94 at the time of publication on Wednesday, according to Benzinga Pro data.
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