Home Depot Surges on Solid Quarter Amid Market Weakness

Home improvement retailer Home Depot Inc. (NYSE:HD) traded higher in pre-open dealings, gaining 2.1%, after releasing fiscal second-quarter results that exceeded Wall Street forecasts.

The company reported sales of $47.86 billion, topping analyst estimates of roughly $47.27 billion, helped by steadier-than-anticipated demand from customers focused on repair projects.

Management chose to leave its full-year guidance unchanged, anticipating comparable sales of approximately flat to up 2% and adjusted earnings per share of roughly flat to up 4% for the current fiscal year.

Multiple analysts adjusted price targets on HD, with Stifel raising theirs from $320 to $340, RBC Capital increasing it from $340 to $343, and Bernstein making a slight reduction from $346 to $344, signaling a generally positive but measured reaction.