Stock price when the opinion was issued
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.
It's too early to enter HD or Lowes, whose earnings will be lower this quarter than the last as their multiple hovers near historic highs. He needs to see more consumer activity here. He's on the sidelines.