Home Depot Could Hammer Out Gains With Pro Expansion, Analyst Says

Triveni Kothapalli

November 13, 2025

Home Depot Inc. (NYSE:HD) reports its third-quarter earnings on November 18 and is expected to follow with an update on its strategic priorities and long-term base-case outlook at its December Analyst Conference.

Bank of America analyst Robert F. Ohmes maintains his Buy rating on Home Depot, with a price forecast of $450.

Bank of America expects Home Depot to post a 1.3% comparable sales increase in the third quarter of 2026, slightly above the 1.0% reported in the previous quarter. Noting that the Bloomberg card data show a 1.6% rise in observed sales supports their view.

Also Read: Home Depot May Announce More Acquisitions To Grow Pro Business, Analysts Say

Quarter-to-date trends were strong in August but softened in October as the company lapped last year’s hurricane-related sales benefit, analysts noted.

The analyst stated that Home Depot’s full-year forecast implies a slight sequential comp improvement in the second half, compared with the first half’s 0.9% gain, helped by fading FX headwinds and selective price increases to offset tariff pressure.

The bank also highlighted Home Depot’s expanding Pro capabilities following SRS Distribution’s September 4 completion of its acquisition of Gypsum Management & Supply (GMS) for an implied enterprise value of $5.5 billion.

The transaction adds drywall, steel framing, and ceilings as a fourth vertical serving complex Pro customers. GMS will not enter the comp base until next year, though total company comp in the third quarter will include SRS.

The bank views trade credit expansion, improved order management and increased in-store credit availability as meaningful levers to deepen penetration with the roughly 9 million Pros Home Depot serves.

The bank also said Home Depot remains well-positioned in a choppy macro backdrop, with structural housing-related tailwinds intact. While deferrals in large-ticket projects persist amid high mortgage rates and weak existing-home sales turnover, the bank sees continued share gains as the retailer expands delivery, fulfillment, and Pro-focused services.

The firm maintains its Buy rating and $450 price forecast, valuing the stock at 27–28 times its fiscal 2027 / calendar 2026 EPS estimate.

For full-year 2026, the firm estimates revenue of $163.91 billion and EPS of $14.95, both essentially matching consensus. Looking ahead to fiscal 2027, the analyst projects revenue to rise to $170.68 billion and EPS to $16.25.

Price Action: HD shares were trading lower by 0.22% to $370.33 at last check Thursday.

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Photo by damann via Shutterstock

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