2 Buy-Rated Home Improvement Stocks Surging to New 52-Week Highs By StockNews

© Reuters. 2 Buy-Rated Home Improvement Stocks Surging to New 52-Week Highs

The demand for home improvement products and services is expected to remain high in the coming months as the hybrid work culture continues and people spend more time at home. So, we think it could be wise to bet on fundamentally sound home improvement stocks The Home Depot (NYSE:) and Lowe’s Companies (NYSE:), which are achieving new 52-week price highs. They also have a ‘Buy’ rating in our proprietary rating system. So, read on.The home improvement industry has boomed amid the COVID-19 pandemic, with people spending more time at home and taking on more do-it-yourself (DIY) home renovation activities. This momentum is expected to be sustained through the coming months. In fact, according to a recent survey by DEWALT, more than 70% of U.S. homeowners are planning a home renovation project before the end of the year.

Furthermore, as COVID-19 omicron variant-led cases surge, the hybrid work culture is expected to continue. This is expected to boost the home improvement industry’s growth. According to a Research and Markets report, the home improvement services market is expected to reach $585.30 billion by 2030, growing at a 6.2% CAGR.

So, we think it could be wise to add quality home improvement stocks The Home Depot, Inc. (HD) and Lowe’s Companies, Inc. (LOW) to one’s portfolio now. They have been making new 52-week highs recently, and they have an overall B (Buy) rating in our proprietary POWR Ratings system.

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