《大行報告》美銀證券升家得寶(HD.US)目標價至400美元 策略投資和市佔擴張有助抵銷宏觀疲弱
美銀證券發表報告指,家得寶(HD.US)第四季每股盈利2.82美元(下同),高於市場預期的2.77美元;同店銷售按年下降3.5%,仍好過市場預期跌3.8%;營運利潤率跌135個基點至11.9%,略好過市場預期的11.8%,其中毛利率按年降20個基點。反映在成本下降前提早進行定價行動。
美銀證券將集團2025財年/2024曆年每股盈測由16.16美元下調至15.25美元,又預計公司毛利率按年改善50個基點,但被營運開支壓力所抵銷。該行預計,集團對全渠道、專業計劃和新店的持續投資將繼續支持2024年及長遠高於市場的增長。
該行提到,家得寶的策略投資和市佔擴張有助抵銷宏觀疲弱。雖然宏觀經濟仍然波動,但已經有從谷底改善的跡象,相信家得寶將處於有利位置,可以繼續擴大市場份額並超越整體市場。而樓價升值、房屋存量老化、千禧世代家庭組成和使用量增加均屬於對家居裝修開出有利的長期帶動因素。該行重申「買入」評級,將公司目標價由372美元上調至400美元。
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