Home Depot's Earnings Beat Sets Conservative Tone for FY24, J.P. Morgan Predicts Slowing Deterioration Ahead

J. P. Morgan analyst Christopher Horvers expressed views on Home Depot, Inc. (NYSE:HD) third-quarter earnings results reported today.

The company reported sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion and adjusted EPS of $3.78, beating the consensus of $3.64.

Home Depot raised its FY24 sales guidance from $156.49 billion, $158.01 billion to $158.78 billion vs. the $157.33 billion consensus.

The company now expects Adjusted EPS of $15.10 (representing a decline of approximately 1% from $15.25 in FY23) vs. the consensus of $14.84. 

The analyst, with an Overweight rating, notes ...