Posted 2/20/2024, 10:53:06 PM
Home Depot Forecasts Sales Decline But Seen Weathering Housing Slowdown Better Than Competitors
- Home Depot reported declining sales in Q4 earnings, blamed on higher interest rates weighing on consumer demand
- TD Cowen expects home improvement sector to decline low single digits in 2024, but sees Home Depot gaining market share
- Home Depot guiding for 2024 same-store sales down 1%; TD Cowen sees this as conservative, potential for upside
- Despite some mortgage rate declines, existing home sales still very weak due to tight inventory
- TD Cowen prefers Home Depot over Lowe's due to greater exposure to professional contractor channel, expects it to outperform DIY