Home Depot: Promotional Discounting Is Turning Rational; Reiterate 'Buy'

Justin Sullivan Home Depot (NYSE:HD) reported a -3.1% same-store sales growth in Q3 FY23, slightly surpassing the market consensus. Management suggests this year is a period of moderation, with promotional discounting activities becoming more rational. Since my initiation of coverage, the stock price has risen by 18%. I am reiterating a 'Buy' rating with a fair value of $360 per share. Quarterly Result and Outlook During Q3 FY23, comparable sales witnessed a year-over-year decrease of 3.1%, attributed to a ...