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Wedbush Securities equity research analysts Seth Basham and Nathan Friedman highlighted this trend in an August 10 note about two giants in the industry: Home Depot and Lowe's. Both home improvement retailers have seen major gains from a "spend shift" that's occurred because of "reduced travel and entertainment spending," the analysts wrote.
Wedbush Securities also noted that Home Depot and Lowe's have so far been protected from rising unemployment and plummeting consumer confidence in the economy. In fact, a future spike in COVID-19 cases could play to both companies' advantage.
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