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HD

Home Depot

$191.15

0.82 (0.43%)

06:07
05/15/18
05/15
06:07
05/15/18
06:07

Home Depot adopted ASU No. 2014-09 pertaining to revenue recognition in Q1

During Q1, Home Depot adopted ASU No. 2014-09, which pertains to revenue recognition. The adoption of this standard will not materially impact the Company's consolidated financial statements or related disclosures. Under ASU No. 2014-09, the Company has changed the presentation of certain expenses and cost reimbursements associated with its private label credit card program, certain expenses related to the sale of gift cards to customers, and gift card breakage income. The Company also has changed its recognition of gift card breakage income to be recognized proportionately as redemption occurs, rather than based on historical redemption patterns. The Company has adopted this standard on a modified retrospective basis. In accordance therewith, financial information prior to fiscal 2018 will not be recast. The consolidated statement of earnings and balance sheet for the first quarter of fiscal 2018 reflect the effect of this accounting policy adoption. The impact of adoption was an increase of $33 million to net sales, a decrease of $98 million to cost of sales, and a corresponding increase of $131 million to operating expenses for the first quarter of fiscal 2018. There is no impact from the Company's adoption on operating income, net earnings or earnings per share. The balance sheet reflects the cumulative impact of adoption using the modified retrospective method as well as the impact of recording the sales return allowance on a gross basis rather than as a net liability.

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HD Home Depot
$191.15

0.82 (0.43%)

04/23/18
WELS
04/23/18
INITIATION
Target $205
WELS
Outperform
Home Depot initiated with an Outperform at Wells Fargo
Wells Fargo analyst Zachary Fadem initiated Home Depot with an Outperform and $205 price target.
04/23/18
WELS
04/23/18
INITIATION
Target $205
WELS
Outperform
Home improvement and autopart retail offers favorable pockets, says Wells Fargo
As reported earlier, Wells Fargo analyst Zachary Fadem initiated select names within the home improvement, auto part retail, home furnishings, and specialty hardlines. The analyst notes that the pullback in some of these stocks related to "uncertainty around margins, global trade policy, and the sustainability of recently improving results", which replaced the enthusiasm from the anticipated consumer strength, rising wages, and tax reform benefits earlier this year, has produced some "compelling" long-term investment opportunities. Fadem initiated Home Depot (HD) and Lowe's (LOW) at Outperform with respective price targets of $205 and $100, saying home improvement is particularly attractive in retail today given the valuations in housing and demographics tailwinds. The analyst adds that the home improvement category has seen the most consistent growth in "consumer share of wallet" to 7.5% over the past 5 years, even though that level is still below 8.7% prior peak in 2005. Fadem's view on Bed Bath and Beyond (BBBY) is less upbeat with an Underperform rating and a $16 price target based on its limited growth opportunity, margin profile, differentiation, and e-commerce strategy. Similarly, the analyst profiles the auto parts retail offering some opportunity in terms of "lost share of wallet" sliding to 1.8%, below the 10-year average of 1.9%, while offering "attractive valuations" and an opportunity to regain its footing. Fadem initiates O'Reilly (ORLY) and AutoZone (AZO) with an Outperform rating and price targets of $260 and $700 respectively, adding that these two companies exceeded the industry growth even as auto parts retailers as a group trade at a 23% discount relative to the S&P500. The analyst also initiated select names in the Home Furnishings/Specialty categories, including At Home (HOME) at Outperform with a price target of $42, Tractor Supply (TSCO) at Outperform with a price target of $70, and National Vision (EYE) with an Outperform and a price target of $40. Fadem. All of these names earned a positive view based on the analysts Growth Opportunity and Concept Differentiation screens, with the last two also cited for their potential for near term improvement.
05/09/18
CLVD
05/09/18
NO CHANGE
CLVD
Home Depot 2018 comp estimate of 6% looks reasonable, says Cleveland Research
Cleveland Research said its Home Depot 2018 comp estimate of 6%, versus guidance of 5%, looks reasonable given solid underlying demand, share gains, and incremental inflation.
05/09/18
CLVD
05/09/18
NO CHANGE
CLVD
Lowe's comp gap versus Home Depot could widen, says Cleveland Research
Cleveland Research said Lowe's (LOW) comp gap versus Home Depot (HD) could widen further given continued disruptions and inefficiencies in execution.

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