15 Set-It-and-Forget-It Stocks to Buy According to Analysts

8. The Home Depot, Inc. (NYSE:HD)

Analyst Upside: 16.15%

Number of Hedge Fund Holders: 102

The Home Depot, Inc. (NYSE:HD) ranks among the best set-it-and-forget-it stocks to buy. Truist Securities kept its $417 price target and Buy rating on The Home Depot, Inc. (NYSE:HD) on June 23 in response to the retailer’s roughly $5 billion offer to buy specialist construction materials distributor GMS.

According to Truist’s repo, the GMS acquisition would provide The Home Depot, Inc. (NYSE:HD) more distribution options and hasten its entry into the competitive professional contractor market.

The potential acquisition reflects Home Depot’s ongoing efforts to increase its market share in the professional contractor sector, following the company’s recent $18 billion acquisition of SRS Distribution. Although the timing might not be ideal, Truist noted that The Home Depot, Inc. (NYSE:HD) needed to move fast once GMS became available as an acquisition option since the company had planned to focus on debt reduction after the SRS purchase.

A leading American company in the retail home improvement industry, The Home Depot, Inc. (NYSE:HD) offers a broad spectrum of tools, construction supplies, appliances, and services, including fuel and vehicle rentals.