Jim Cramer’s Recession-Proof Stock Picks

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

No. of Hedge Funds: 93

The Home Depot, Inc. (NYSE:HD) ranks among our list of Jim Cramer’s recession-proof stock picks. Jim Cramer sees a possible growth in the stock value as well as the housing market, following the Fed rate cuts.

Immigration and Customs Enforcement (ICE) raids on The Home Depot, Inc. (NYSE:HD)’s parking lots for illegal immigrants have sparked quite a controversy, contributing to a -3.10% decline in share price over the past month. The decline alongside the ICE raid controversy resulted in mixed opinions among the analysts. TD Cowen and J.P. Morgan, for instance, maintained their Buy rating on the stock, while Oppenheimer has reiterated a Hold rating.

Jim Cramer leans toward the stock as he points out that the Fed rate cuts before the end of the year will eventually favor housing.

“This is my favorite chart in the entire book. It’s a reverse head and shoulders. I do believe this stock is going to go to $500”

With the Insider Monkey database noting 93 hedge funds invested in The Home Depot, Inc. (NYSE:HD), the stock also benefits from strong institutional confidence.

The Home Depot, Inc. (NYSE:HD) is among the world’s largest home improvement retailers. Founded in 1978, the company sells tools, construction products, appliances, and services. Its customer base includes both do-it-yourself customers and professional contractors across North America. The company’s headquarters is in Georgia.

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