The Dow component offers a 2.6% dividend yield, higher than the 2% average on the S&P 500 and above the 10-year's 1.7%. The home-improvement retailer has also outperformed the rest of the market this year, gaining 21% compared with the S&P 500's 15% advance.
Home Depot is still 4% from its $200 support level. A move to $220 represents 6% upside from its Wednesday close."If you want to stay defensive but still stay offensive at the same time, I really likebecause it's completely defensive in the sense that it's not sensitive to the capex cycle of the global economy. It's doing very well organically with its portfolio of beverages, " said Schlossberg.
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