11:45 AM EDT, 08/08/2024 (MT Newswires) -- Home Depot's ( HD ) fiscal Q2 comparable sales are expected to improve sequentially amid expectations for a delayed spring and ticket improvement, BofA Securities said in a note Thursday.

The home improvement retailer is scheduled to release fiscal Q2 results Tuesday. BofA expects earnings of $4.49 a share, with comps seen falling 2%, which would mark an improvement from a 2.8% decline reported in the previous quarter.

"We believe HD has opportunities with the complex pro, both organically through expanding foundational Pro Ecosystem capabilities to 17 markets by the end of 2024, and inorganically through SRS," BofA analyst Robert Ohmes said. HD completed the acquisition of SRS Distribution on June 18.

Ohmes expects Home Depot ( HD ) to see continued market share gains despite a "choppy" macroeconomic environment as it accelerates growth and capabilities with the complex pro.

BofA reiterated its buy rating and a $425 price objective on the stock.

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