12:53 PM EDT, 05/13/2024 (MT Newswires) -- Home Depot ( HD ) is "well-positioned" to gain market share amid choppy macroeconomic conditions, BofA Securities said in a note.

"While the macro remains choppy, and we expect continued pressure in 2024 on discretionary and big ticket, we expect HD to see continued share gains as it accelerates growth and capabilities with the complex pro, both organically and inorganically," BofA analyst Robert Ohmes said.

The home improvement retailer will report its Q1 results Tuesday. BofA expects a comparable sales decline of 1.0%, with a sequential improvement from the 3.5% decline in Q4.

It also projects a growth margin expansion in 2024, driven by lower product and transportation costs, alongside benefits from fixed-cost reduction.

BofA keeps its buy rating on Home Depot ( HD ) with a price objective of $425.

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