Home Depot shares hit a fresh all-time high on Tuesday, 80 000 associates to be hired for spring season, retailer says

Home Depot Inc (HD) said on Tuesday that it intended to hire 80 000 full-time and part-time associates this spring, as the company prepares for its busiest season of the year.

Home Depot shares closed higher for a second consecutive trading session in New York on Tuesday. The stock went up 0.43% ($1.03) to $241.64, after touching an intraday high at $242.42 and also a fresh all-time high.

Shares of Home Depot Inc have risen 10.65% so far in 2020 compared with a 3.93% gain for the benchmark index, S&P 500 (SPX).

In 2019, Home Depot’s stock went up 27.10%, thus, it underperformed the S&P 500, which registered a 28.88% gain.

A large number of the part-time jobs will be located in Home Depot’s garden center. Additionally, the US retailer announced hiring for overnight freight, merchandising and other customer service positions across store departments. The company will also hire warehouse workers for its distribution centers.

All part-time and full-time associates will be able to take advantage of tailored benefits such as tuition reimbursement, backup dependent care for children and elders, as well as discounts on particular items (cell phones and laptops), the home improvement retailer said.

“When you join The Home Depot, you’re joining a winning team built on our core values and associate-centric culture,” Tim Hourigan, executive vice president of human resources, said in a press release.

“More than 90 percent of our store leaders began their careers here as hourly associates, which is a testament to our commitment to growing the careers of our people,” Hourigan added.

Analyst stock price forecast and recommendation

According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Home Depot’s stock price, have a median target of $242.00, with a high estimate of $275.00 and a low estimate of $192.00. The median estimate represents a 0.15% upside compared to the closing price of $241.64 on February 11th.

The same media also reported that at least 15 out of 32 surveyed investment analysts had rated Home Depot’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.