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Home Depot (HD) is a Top-Ranked Growth Stock: Should You Buy?

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It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.

Why This 1 Growth Stock Should Be On Your Watchlist

Growth investors build their portfolios around companies that are financially strong and have a bright future, and the Growth Style Score helps take projected and historical earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Home Depot (HD)

Based on net sales, The Home Depot Inc. is the world’s largest home improvement specialty retailer with 2,317 retail stores across the globe as of the end of fiscal 2021. It offers a diverse range of branded and proprietary home improvement items, building materials, lawn and garden products, décor products and related services.

HD sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of A, and has a VGM Score of A. Earnings and sales are forecasted to increase 6.1% and 3% year-over-year, respectively.

12 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $0.47 to $16.47 per share. HD boasts an average earnings surprise of 7.2%.

Home Depot is also cash rich. The company has generated cash flow growth of 14.2%, and is expected to report cash flow expansion of 24.6% in 2023.

With solid fundamentals, a good Zacks Rank, and top-tier Growth and VGM Style Scores, HD should be on investors' short lists.


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