Home improvement retailers like Home Depot Inc. (HD) and Lowe's Cos. (LOW) and rural lifestyle retailer Tractor Supply Co. (TSCO) are among those that will get a boost in demand from Hurricane Laura, according to Wells Fargo. Analysts say these retailers should see a boost from pre-storm prep as well as post-storm cleanup. The eye of Hurricane Laura hit Louisiana early Thursday ( ) as a Category 4 storm, but has since been downgraded to Category 2. "Historically, hurricanes have proven comp tailwinds for home improvement, flooring and occasionally auto part retail categories, but with already robust category demand driving record Q2 sales, we expect Hurricane Laura to have a negligible impact this time around," Wells Fargo wrote in its report. "That said, this is the first major hurricane to hit the U.S. in what is anticipated to be a very active storm season." Other retailers that Wells Fargo calls out are Advanced Auto Parts Inc. (AAP) and Carvana Co. (CVNA), the online used car retailer, "in the event of vehicle replacement." Home Depot, Lowe's and Tractor Supply edged down in Thursday trading, but are all up considerably for the year to date, with Tractor Supply rallying 65.3% for the period. The S&P 500 index is up 8.2% for 2020 so far.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 27, 2020 10:48 ET (14:48 GMT)
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