Stock price when the opinion was issued
Is both a cyclical and secular growth story and can ride any cycle. It can grown in any environment, and not held hostage to interest rates. It benefits from aging homes (that need repairs), Millennials want to own homes and will spend at HD, and the new home shortage which need pro contractors to build them (who spend at HD).
Interest rates cuts are stalling, so shares are -7.74% the past month; housing turnover and the weather have been bad. Tool sales are down. It reports tomorrow, but he will buy after that report. He has faith, because when the street was shorting this in 2008's housing crisis, HD gained market share and bought back a ton of shares.
A decade-long theme, not short term is in housing, if interest rates fall from 6.7% to 5.5% (likely in 2025). She prefers Home Depot in this space, since competitor LL Flooring went bankrupt, and HD has easy comparisons. They had 7-straight quarters of negative comps, but will snap that. She expects better gross margins.