Benzinga
Published Feb 28, 2024 13:40
Updated Feb 28, 2024 15:10
Home Depot Reaches New 52-Week High After Lowe's Q4 Success - Is It Time For Investors To Cash In?
Benzinga - by Surbhi Jain, .
Home Depot Inc (NYSE:HD) stock recorded a new 52-week high of $375.80 on Tuesday. The surge in the stock could have been driven by optimism regarding the home improvement space following competitor Lowe’s Companies Inc (NYSE:LOW) Q4 earnings beat on Tuesday.
Lowe’s delivered a 5.36% surprise on EPS and a 0.82% surprise on revenue. “We remain confident in the long-term strength of the home improvement market,” said its CEO Marvin R. Ellison.
Last week, on Feb. 20, Home Depot also delivered a 1.81% surprise on EPS and a 0.42% surprise on revenue when it released its Q4 results. Home Depot stock has been rising since the end of October. It is up about 27% over the past year, and up 35% since Oct. 26, 2023.
Related: Home Depot’s Mixed Q4 Results And Cautious 2024 Outlook: Goldman Sachs Analyst Weighs In
“We are planning for a year of continued moderation but with slightly less pressure to comp sales than what we faced in fiscal 2023” said Home Depot CFO Richard McPhail.
Analysts’ price target on the stock has been revised, post the release of the company’s Q4 earnings:
For those considering different investments currently priced appealingly, it could be prudent to evaluate the situation, especially if they’re nearing 52-week highs, as a way to manage potential gains.
Read Next: Home Depot’s Muted Outlook Could Indicate A Muted Macroeconomic Year Lies Ahead
Photo: Shutterstock
Latest Ratings for HD
Feb 2022 | Morgan Stanley | Maintains | Overweight | |
Feb 2022 | Raymond James | Maintains | Outperform | |
Feb 2022 | Citigroup | Maintains | Buy |
View the Latest Analyst Ratings
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