Pro: These 4 Retailers Could Also ‘Do Buybacks’

Shares of Home Depot popped Tuesday after the company announced plans to buy $1 billion of its own shares. Are other retailers about to do the same?

According to Brian Sozzi of Wall Street Strategies the short answer is yes.

He thinks the Home Depot buyback is just an extension of a trend that began last year with Walmart and Lowe's .

And he’s identified 4 companies that he thinks are most likely to make a similar move. They follow:

Target
Costco
Urban Outfitters
CVS

All the stocks listed above meet the following criteria. They’re lagging relative to peers. They’re being pushed to return cash to the shareholders. But perhaps most important they have lots of cash on the balance sheet.

With all the piles of cash, Sozzi thinks these companies will want to put that money to work.

And he thinks they’ll do it with share buy backs because “there’s no better time than now.” In other words, in the current environment he thinks these 4 companies will find their own stocks, cheap.

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