Home Depot Stock Slips on Reaffirmed 2023 Forecast

HD still sports a 6% year-over-year lead

Fernanda Horner

Digital Content Manager

Jun 13, 2023 at 10:42 AM

Home Depot Inc (NYSE:HD) stock is down 0.3% to trade at $303.62 at last check, after the home improvement retailer reaffirmed its forecast for 2023 ahead of its investor day, with an expected earnings decline between 7% and 13% compared to the year prior. The company said sales should stabilize when demand for discretionary goods strengthens.

Overhead pressure at the $305 level has kept a tight lid on the equity since late February, while the $280 region has contained several pullbacks this year. The shares are fresh off their fifth-straight weekly win, and sport a 6% year-over-year lead.

It's worth noting that Home Depot stock boasts affordable premiums at the moment. This is per the equity's Schaeffer's Volatility Index (SVI) of 20%, which stands in the extremely low 2nd percentile of its 12-month range.

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