HD - Penalizing HD for higher rates given multi-decade low housing turn/fin projects is Double Jeopardy

研报英文原文证据摘录

HD - Penalizing HD for higher rates given multi-decade low housing turn/fin projects is Double Jeopardy

Truist Securities

Equity Research Report May 19, 2026

CONSUMER: Hardlines/Broadlines The Home Depot, Inc. (HD)

HD - Penalizing HD for higher rates given multi-decade low housing Scot Ciccarelli, CFA

212-319-3920 turn/fin projects is Double Jeopardy

Scot.Ciccarelli@truist.com

Joshua Young, CFA Net/net – Top and bottom-line performance was in-line with our/mgmt’s expectations,

212-590-0924 including a very LSD + comp and slightly better-than-projected margins. Investors are fretting

Joshua.Young2@truist.com about the rise in interest rates, but given the slowdown in housing turnover and financed

projects that we have already seen, the stock appears to be under pressure for factors

Shervin Zand that have already likely played out (Double Jeopardy). No, we can’t call the timing for a

212-590-0987 positive inflection. However, given HD’s stable sales and the industry’s cycle-low levels

Shervin.Zand@truist.com of investment, we continue to think the risk/reward is skewed significantly more to

the upside. Remain Buyers; PT to $369 from $394.

Joseph Civello

212-590-0968

Joseph.Civello@truist.com Sales in-line with our forecast; upside inflection remains elusive, but the skew feels

like it’s to the upside – US comps increased +0.4% and Enterprise comps were +0.6%,

roughly in-line with our +0.9%E and our Truist Card Data, which indicated “the lower end

of 0%-1%” range. Storms had a 56bps impact during the quarter. In the US, comps were

Stock Rating BUY +0.4% in February, +2% in March, and (0.8%) in April (+0.7%, +2%, -0.5% enterprise). Comp

Unchanged transactions decreased (1.3%) while comp average ticket increased by +2.2% (big ticket

sales of at least $1,000 were +0.8%).