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Non-Tech : Home Depot (HD)

HD 368.10

-0.8%

Nov 13 3:59 PM EST

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To: Carl Yee who wrote (419)	11/24/1998 2:21:00 PM
From: Beltropolis Boy	of 1169

excerpts from lehman bro's latest write-up (a week old) ... if you've got acrobat, i've provided the url where you can access the entire piece. ----- Home Depot: Strong 3Q EPS; Raising Estimates, Target Author: William A. Julian 1(212)526-2482 Rating: 2 Company: HD Industry: RETAIL Rank (Old): 2-Outperform Rank (New): 2-Outperform Price Target (Old): $40 Price Target (New): $58 Today's Date : 11/17/98 Highlights: * Home Depot reported 3Q98 EPS of $0.26, equal to our estimate and 1 cent ahead of consensus. Home Depot bested consensus estimates with better-than-expected gross margin improvement and strong comps. * Comp sales were 7%, LINCS were -5%. Sales were strong in all categories and across all regions. New store productivity (LINCS) suffered from late openings in the quarter. * We are raising our 1999 EPS estimate from $1.25 to $1.28 (we expect GM will continue to improve in 1999 with more efficient inventory management and continued product line reviews). * We are raising our target price to $58, anticipating the stock will continue to move with earnings growth over the next year. * We continue to rate the shares 2-outperform, and HD remains one of our top 5 favorite names in retailing. lehman.com

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