$HD Home Depot - Over Extended Heading Into Earnings
HD Home Depot - Over Extended Heading Into EarningsEarnings this week before the open on Tuesday. Stock looks to be running out of gas after essentially doubling off the March lows. This has the potential for a "sell the news" post-earnings sell off.
P/E ratio currently sitting at around 28x - its highest level ever. The only other time it was ever over 25x was in January 2018 when it was about 27x. This was followed by about a -15% correction over the next couple months.
Medium term target: $250-$260 range by Oct
Note: Not investment advice.
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