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6 Stocks That Will Benefit From a Dovish Federal Reserve in 2020 - 1 of 6

 
#1 - Home Depot (NYSE:HD)

Home Depot logo

The first stock to look at is Home Depot (NYSE:HD). Just because many Americans are sheltering in place doesn’t mean they won’t need to make a home repair. In fact, you might argue that having more time at home will make it more likely that something will break down. Plus, many homeowners are taking advantage of their time in quarantine to work on long overlooked home improvement projects.

That’s one reason why HD stock has bounced off recent lows. In mid-March, when the economy was shutting down, Home Depot stock was down nearly 50%. It has since trimmed that loss. While it is still down nearly 10% for 2020, it is only down about 3% in the last 12 months.

And with lower interest rates, the cost of borrowing goes down. This means that this home improvement runway should be nice and long. Not to mention the pent-up demand for new home buyers once the most restrictive shelter-in-place guidelines are lifted.

Home Depot does not have a moat in this sector. But they have been ahead of the curve in terms of becoming an omnichannel retailer. This is the idea of companies delivering products to customers where and when they want it.

The interesting thing about omnichannel is that many companies are adopting an omnichannel strategy to compete with Amazon. However, it’s actually a strategy that plays very well with a society that will undoubtedly be altered in fundamental ways by the Covid-19 pandemic.

About Home Depot
The Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, lawn and garden products, and décor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers. The company also offers installation programs that include flooring, cabinets and cabinet makeovers, countertops, furnaces and central air systems, and windows; and professional installation in various categories sold through its stores and in-home sales programs, as well as acts as a contractor to provide installation services to its do-it-for-me customers through third-party installers. In addition, it provides tool and equipment rental services. The company primarily serves home owners; and professional renovators/remodelers, general contractors, handymen, property managers, building service contractors, and specialty tradesmen, such as electricians, plumbers, and painters. It also sells its products online. As of February 3, 2019, the company operated 2,287 stores in the United States, including the Commonwealth of Puerto Rico, and the territories of the U.S. Virgin Islands and Guam; Canada; and Mexico. The Home Depot, Inc. was founded in 1978 and is based in Atlanta, Georgia.

Current Price: $242.48
Consensus Rating: Buy
Ratings Breakdown: 23 Buy Ratings, 10 Hold Ratings, 1 Sell Ratings.
Consensus Price Target: $251.72 (3.8% Upside)




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