Morning Summary - May 20 2026

研报英文原文证据摘录

Morning Summary - May 20 2026

MORNING SUMMARY

May 20, 2026

Key Message: We are updating our model following EQIX's 1Q26 results in April. We reiterate our Buy rating and $1,235 price target.

THE HOME DEPOT, INC. Buy

HD - BUY - A Solid Start to 2026—Complex PRO Ecosytem Build-Out

Continues; $425 Price Target HD $302.44 Price$425.00TargetSteven Forbes, CFA, CPA

212 381 4188, steven.forbes@guggenheimpartners.com

Current Q Next Q Current FY Next FY

John Heinbockel

212 381 4135, john.heinbockel@guggenheimpartners.com $4.80 $3.98 $15.01 $15.98

CLICK HERE TO ACCESS THIS REPORT Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

Published on May 19, 2026 $301,239 EPS ($) 20.1x 18.9x

Key Message: As detailed within Exhibit 1, not only were HD's 1Q 2026 operating results ahead of our expectations—as evidenced by 90 basis points

of net sales upside and an ~2.5% adjusted EBITDA beat—but management noted continued progressing & scaling against the company's various PRO

ecosystem initiatives (inclusive of the business tracking towards ~$400 million of cross-selling revenue synergies). In addition, we note that management's

reiterated outlook (Exhibit 2) excludes an estimated ~$700 million of partial-year net sales associated with the recent acquisition of Mingledorff's. More

importantly, as we look out to 2027 (and beyond), we continue to expect the maturation of the company's various PRO ecosystem initiatives to widen the

company's industry out-performance gap—fostering meaningful, and broad-based market share capture. We are essentially reiterating our estimates, BUY-

rating, and $425 12-month price target.

COMPANY AND INDUSTRY UPDATES

OKTA, INC. Buy

OKTA F1Q27 Preview: Valuation Disconnect

John DiFucci

212 518 9670, john.difucci@guggenheimpartners.com OKTA $85.70 Price$138.00Target