Home Depot Stock (NYSE:HD) Tanks as Grassroots Boycott Gains Steam—’We Ain’t Buying It’
Retail revolt rattles Home Depot’s stock.
Shares of Home Depot (NYSE:HD) took a nosedive as a grassroots boycott campaign gains momentum. The rallying cry? 'We ain’t buying it'—literally.
Why the backlash?
While specifics remain scarce, the market isn’t waiting for details. HD’s slide reflects growing skepticism from Main Street—a rare hiccup for a retail giant accustomed to Wall Street’s love affair.
Active investors are dumping shares, and the charts look uglier than a DIY project gone wrong. Will the dip turn into a freefall, or is this just another blip in the bull market’s relentless grind? Either way, the suits in Atlanta aren’t smiling.
Bonus jab: Another day, another 'voted with your wallet' moment that’ll be forgotten by earnings season.
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The effort is known as “We Ain’t Buying It,” and is apparently being led by a collective of grassroots organizations looking to cut off funding to what it believes are organizations in mid-misbehavior. Home Depot is on the hook here, as are both Target (TGT) and Amazon (AMZN). The collective claims the businesses “…caved to President Donald Trump and reneged on pledges to support diversity, equity and inclusion (DEI) programs.
With shoppers already planning to pare back their holiday spending by an average of 5% as compared to this time last year, this could be a bit harder blow than normally expected. The collective is calling on shoppers to patronize small shops, local businesses, and “…Black, minority and immigrant-owned businesses.”
The Elephant in the Room
Meanwhile, the connection between Home Depot and ICE is continuing to do damage, with this latest boycott effort just the tip of the iceberg. Home Depot has mostly chosen a battle plan of silence, making it clear that it is not consulted, and thus, is not involved.
Customers—as we just saw—are not taking this lightly, however. In fact, there is a growing concern that Home Depot should, perhaps, take something of a stand against the ICE raids that use Home Depot parking lots as livetraps. But Home Depot’s response to most anyone who asks, which contains the phrase, “We’re required to follow all federal and local rules and regulations in every market where we operate.” tends to shut discussion down before it can start. They are, after all, indeed required to do such. What is left?
Is Home Depot a Good Long-Term Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on HD stock based on 20 Buys and six Holds assigned in the past three months, as indicated by the graphic below. After a 9.11% loss in its share price over the past year, the average HD price target of $446.43 per share implies 21.59% upside potential.
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