Jim Cramer Says Home Depot is Below Where He Thinks "It Should Be"

The Home Depot, Inc. (NYSE:HD) is one of the stocks Jim Cramer highlighted in light of the Fed rate cut. Cramer said that he believes the stock is significantly below where it should be. He commented:

“We just heard from Home Depot, and it wasn’t as strong as we’d like, again, because interest rates are too high. You still have a chance to buy it here. It’s way down, it’s 100 points below where I think it should be. And the company offered an encouraging scenario if the Fed lowered rates when it gave you that update… [at its] investor day yesterday. I’m going to talk about this on our investor day for the club on Friday… It’s going to be why you can buy a stock like Home Depot.”

The Home Depot, Inc. (NYSE:HD) is a home improvement retailer that sells tools, building materials, and decor. It also provides installation and equipment rental services. During the December 3 episode, Cramer noted that a cut in interest rates could turn things around for the stock, as he remarked:

“Of the disappointers, Home Depot’s the most sensitive to a decline in interest rates. The Fed’s meeting’s next week, so things could turn around real fast for the despot, which is higher than where it reported that bad quarter. That’s why we own it for the Charitable Trust.”

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Disclosure: None. This article is originally published at Insider Monkey.