Home Depot (HD) will host its 2008 analyst day in Atlanta this Thursday, June 5. Lehman Brothers expects limited new information but is hoping for an update on “on the strategies that will position HD for an eventual recovery.”
Lehman expects these main themes:
1) Limited visibility into the timing of a rebound, but the home improvement market offers many favourable long-term dynamics; [yawn]
2) HD continues to invest in its five key priorities, which are focused on improving the company’s customer service and operational efficiency;
3) HD is deploying capital with a stricter focus on return requirements, which should create value forshareholders over the long term.
Lehman maintains its target of $34 and an OVERWEIGHT rating.
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