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Wall Street Weighs In On Home Depot’s Blowout Q2, BofA Upgrades Stock

Home Depot Inc (NYSE: HD) was one of several major retailers to report blowout second-quarter earnings this week, sending the home improvement stock soaring.

Home Depot posted second-quarter EPS of $4.02 on $38.05 billion in revenue Tuesday. Both numbers topped consensus analyst estimates of $3.71 and $34.53 billion, respectively. Revenue was 23.4% higher year-over-year.

U.S. same-store sales rose 25%, and Home Depot’s average purchase amount was up 10.1%. It was the first quarter of double-digit same-store sales growth for Home Depot in more than seven years.

Several analysts weighed in on the stock following the impressive print. 

Long-Term Tailwinds For Home Depot: BofA Securities analyst Elizabeth Suzuki said it’s not too late to buy Home Depot shares to capitalize on the shelter-in-place environment.

“Although home improvement spending in the coming quarter may decelerate amidst sequentially declining government stimulus/unemployment benefits, we believe that the longer-term tailwinds for the home improvement

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