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Company News

BUZZ-Street View: Home Depot succumbs to seasonal pressures

** Home Depot missed Wall St forecasts for sales at established stores, as an unusually long winter hit sales of typical spring products

** HD down 2.1 pct, top decliner on Dow

WEATHER TAKES TOLL ON Q1

** Deutsche Bank (“buy,” PT: $212) says some weakness was expected due to seasonal pressures, but HD’s results were even softer than anticipated

** Morgan Stanley (“overweight,” PT: $210) says weather impacted Q1 results little more than expected, but HD’s underlying trends looks healthy

** Still expect H2 gross margins to be stronger than H1 - MS

** Wedbush (“neutral,” PT: $190) says HD’s “light” Q1 results might slightly lower the bar for Lowe’s comp expectations

** Oppenheimer (“outperform,” PT: $205) says HD reported “somewhat softish” results, but co’s underlying business remains very solid, and any sales softness likely reflects unfavorable weather in Q1

** Telsey Advisory (“outperform,” PT: $217) says as expected, cooler weather in March and April delayed seasonal spring sales and took a toll on HD’s Q1

** HD remains a top pick, given leverage to housing cycle, well-located store base, strong execution and would use dip in stock today as a buying opportunity - Telsey (Reporting by Brijesh Patel in Bengaluru)

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