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Home Depot (HD) & Allstate to Provide Enhanced Protection Plan

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Zacks Equity Research
·3 min read
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The Home Depot Inc. HD has tied-up with Allstate to launch an industry-leading extended protection plan, which provides customers with greater benefits and faster repair services. The program is devised to cover major appliances, outdoor power equipment, grills, power tools, home electronics, and other products purchased in store or online. This plan will give customers confidence in Home Depot’s products by ensuring that they make things right if something is wrong.

The key benefits provided by The Home Depot Protection Plan powered by Allstate are speed of service guarantee, shorter appointment window, advanced troubleshooting, trusted professional and industry-leading “No Lemon” policy. This provides the ease of getting a problem solved within a lesser duration over the phone call or through an appointment with a certified technician. Also, it helps customers to get products or appliances replaced or refunded if three service repairs are needed at the same time.

Zacks Rank, Estimate Trend and Price Performance

With a market capitalization of $290.8 billion, Home Depot currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 16.6% in the past year compared with the industry’s growth of 23.6%.

Home Depot has been resilient throughout 2020 mainly as the demand for home-improvement and do-it-yourself (“DIY”) has been on the rise due to the pandemic-led restrictions on movement. Notably, there has been a marked increase in repairs and home-remodeling projects in the past few months, as people continue to work from home and consequently spend more time at home. While the situation is likely to improve in 2021, experts believe that not all pandemic-led habits will change.

The work-from-home practices are likely to remain in 2021 as well. Moreover, the pandemic-induced habits of keeping homes well-maintained are expected to stay. Such practices are likely to keep favoring the demand for home-improvement products.

Apart from this, home-improvement retailers like Home Depot are poised to benefit from rapid urbanization trends, the demand for DIY project-related products and the ramping up of omni-channel offerings due to increased inclination toward online shopping.

In the past seven days, the company’s earnings estimates have moved north by a penny for both fiscal 2020 and 2021. The Zacks Consensus Estimate for earnings is pegged at $11.77 for fiscal 2020 (ending January 2021) and $12.27 for fiscal 2021 (ending January 2022).

3 Better-Ranked Retail Stocks

Lowe’s Companies, Inc. LOW has a long-term earnings growth rate of 16.8%. It presently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Lumber Liquidators Holdings, Inc. LL has a long-term earnings growth rate of 27.5% and a Zacks Rank #2 at present.

Target Corporation TGT, also a Zacks Rank #2 stock, has a long-term earnings growth rate of 8.5%.

Zacks Names “Single Best Pick to Double”

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

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