The Home Depot, Inc. (NYSE: HD) has promoted Edward ‘Ted’ Decker to CEO and President. He has also been elected to the company’s Board. Both the appointments are effective from March 1.
Decker has been the President and COO of Home Depot since October 2020. He succeeds Craig Menear as CEO. Menear, who is currently the CEO and Chairman of the home improvement company, will continue as the Board’s Chairman.
Commenting on the appointment, Menear said, “Ted has grown with the company by taking on expanded roles of leadership from his time in Strategic Business Development, Finance and Merchandising to leading our day-to-day interconnected operations in his role as President and COO. His ability to blend the art and science of retail is exactly what is needed in the next phase of growth for The Home Depot.”
About The Home Depot
Based out of Georgia, Home Depot provides tools, construction products, appliances, and services. It operates 2,317 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico.
The HD stock is included in the Dow Jones industrial average (DJIA).
Wall Street’s Take
Recently, Wells Fargo (NYSE: WFC) analyst Zachary Fadem maintained a Buy rating on Home Depot with a price target of $460 (29.1% upside potential).
Overall, the stock has a Strong Buy consensus rating based on 18 Buys and 5 Holds. The average The Home Depot stock price prediction of $427.95 implies 20.1% upside potential. Shares have gained 34.4% over the past year.
Smart Score
Home Depot scores a “Perfect 10” on TipRanks’ Smart Score rating system. This implies that the stock has strong potential to outperform market expectations, making it one of the best growth stocks for 2022.
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