Renovation boom to drive record growth at Home Depot, Lowes, BofA says - Business Insider

That conclusion led to the bank increasing its second quarter earnings estimates for both Home Depot and Lowe's.

According to the note, BofA has expected a cool down in home improvement sales trends given the recent "extreme strength," but that dip has not come to fruition yet, probably due to pent-up demand in the home improvement space because of COVID-19. Second, popular home improvement projects that have popped up due to COVID-19 have pushed incremental demand. Those projects include building garden beds to grow food, adding a guest room or home office, and enhancing outdoor spaces.

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