4 Reasons to Remain Bullish on Home Depot's Stock
Home Depot (NYSE: HD) hasn't been a terribly exciting stock to own this year. Up just 5% so far in 2023, its returns lag behind the S&P 500, which is up by close to 18% over the same timeframe. The home improvement retailer is anticipating a slowdown this year as things return to normal and consumers are no longer spending big money on renovations and home repairs.
Despite its declining top line, here are four reasons why Home Depot stock could be a great buy right now.
Although sales aren't likely to rise this year, Home Depot's business is proving to be resilient. In its most recent earnings report for the period ending July 30, net sales of $42.9 billion were down just 2% year over year. For the full year, the company projects comparable sales to drop between 2% and 5%, which isn't a huge decline.
Source Fool.com
