High-quality earnings compounder
We continue to view HD as a best-in-class operator, delivering consistent double-digit EPS and dividend growth, as well as an ROIC above 40%. Despite concerns of rising rates, we believe the economy and housing backdrop remains supportive and see the company exceeding expectations, delivering the high-end of its 2020 targets. We reiterate our Overweight rating and raise our DCF-based price target to $210, representing ~13% upside from current levels.The Home Depot is a home improvement retailer. The company provides its customers an assortment of building materials, home improvement products, lawn and garden products, and decor products and provides a number of services, including home improvement installation services and tool and equipment rental. The company also maintains a network of distribution and fulfillment centers, as well as a number of e-commerce websites. The company provides a number of programs for its Professional Customers to meet their particular needs, and for its Do-It-Yourself and Do-It-For-Me customers, the company provides a number of installation services. The company also provides tool and equipment rentals for its customers.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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