Home Depot Inc. HD is scheduled to release earnings before Tuesday’s open. The
stock recently hit a record high of $248.32/share and is currently trading near
$247/share. The stock is prone to big moves after reporting earnings and can
easily gap up if the numbers are strong.
are always looking for stocks that are poised to beat at earnings season and
The Home Depot, Inc. HD may be one such company. The firm has earnings coming
up pretty soon, and events are shaping up quite nicely for their report.
is because Home Depot is seeing favorable earnings estimate revision activity
as of late, which is generally a precursor to an earnings beat. After all,
analysts raising estimates right before earnings — with the most up-to-date
information possible — is a pretty good indicator of some favorable trends
underneath the surface for HD in this report.
Most Accurate Estimate for the current quarter is currently at $2.31 per share
for HD, compared to a broader Zacks Consensus Estimate of $2.27 per share. This
suggests that analysts have very recently bumped up their estimates for HD,
giving the stock a Zacks Earnings ESP of +1.71% heading into earnings season.
Why is this Important?
positive reading for the Zacks Earnings ESP has proven to be very powerful in
producing both positive surprises and outperforming the market. Our recent
10-year backtest shows that stocks that have a positive Earnings ESP and a
Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time,
and have returned over 28% on average in annual returns (see more Top Earnings
ESP stocks here).
that HD has a Zacks Rank #3 and an ESP in positive territory, investors might
want to consider this stock ahead of earnings. You can see the complete list of
today’s Zacks #1 Rank (Strong Buy) stocks here.
earnings estimate revisions suggest that good things are ahead for Home Depot
and that a beat might be in the cards for the upcoming report.
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