Bank of America Securities analyst Robert F. Ohmes maintained a Buy rating on Home Depot with a $450 price target. The call follows news that SRS Distribution, acquired by Home Depot for $18.25 billion, will purchase GMS Inc. for $110 per share, or roughly $4.3 billion. GMS is a major distributor of specialty building products, with $5.5 billion in sales for 2024, adding a new vertical to SRS' portfolio. The deal is expected to close by the end of 2025 and may finalize sooner, based on prior acquisition timelines. Ohmes said the GMS acquisition adds a new vertical to SRS and is expected to complement its business due to overlapping customers and similar distribution capabilities. HD shares rose 2.69% on Tuesday, while GMS gained 0.15%.
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00:02Bank of America's security analyst Robert F. Ohms maintained a buy rating on Home Depot with a $450 price target.
00:08Call files news that SRS distribution acquired by Home Depot for $18.25 billion purchased GMS Incorporated for $110 per share, or roughly $4.3 billion.
00:19GMS is a major distributor of specialty building products with $5.5 billion in sales for 2024, adding a new vertical to SRS's portfolio.
00:26The deal is expected to close by the end of 2025 and may finalize sooner based on prior acquisition timelines.
00:33Home said the GMS acquisition adds a new vertical to SRS and is expected to complement its business due to overlapping customers and similar distribution capabilities.
00:41HD shares rose 2.69% on Tuesday, while GMS gained 0.15%.
