Home Depot and GE Healthcare are two Club stocks Mizuho believes will benefit from an aging American population. Consumers aged 75 and over will make up 10% of the total U.S. population by 2030, Mizuho analysts said in a note to clients this week. Mizuho’s analysis of consumer spending shows what they call a “Silver Tsunami” becoming much more relevant, with their spending set to grow over 80%, or $700 billion, by 2030 and surpassing $1.3 trillion in 2035. “Corporate America still needs to focus on this shift, ” the analysts wrote. Mizuho sees “unique implications” from this changing landscape for many industries, including home improvement and medical technology. Seniors typically own older homes and are expected to drive up home improvement spending, the analysts said, adding that wealth transfer of homes passed down to children could also lead to higher renovation and remodeling demand. Mizuho named Home Depot as an “aging Intelligence” top pick over the next 12 months. Mizuho also reviewed three specialties across medical technology, concluding that seniors aged 65 and over could dramatically impact demand as they are the majority of the treatment population. While not among the “aging Intelligence” top picks, the analysts do consider GEHC as a net winner in this space. Bullish commentary on GE Healthcare and Home Depot is welcome news as the expected catalysts that drew us to the stocks in the first place are taking longer to play out. HD 1Y mountain Home Depot 1 year Home Depot shares have stalled out after closing at a year-to-date high of nearly $425 in late January. Despite a 1.7% rally Thursday, the stock has dropped about 15% since then. The problem has been two-fold: Stubbornly elevated mortgage rates are keeping people in their homes and the nationwide housing shortage has been keeping prices high. Jim Cramer wants to see 30-year fixed-rate mortgages drop below 6.5% — a level that has historically boosted housing formation. More houses being sold means more opportunities for Home Depot to grab renovation business. In a positive sign, Home Depot saw its first insider stock buy since 2022, according to a report in Barron’s. Company director Gregory Brenneman purchased $1 million worth of shares on Friday. We’ve added to our Home Depot position several times in March, taking advantage of the stock’s weakness. Jim has consistently highlighted the company and called it one of his top six favorites during last week’s Monthly Meeting. GEHC 1Y mountain GE Healthcare 1 year We have done the opposite on GE Healthcare, trimming our position to capitalize on gains as the market rotated to health care and other defensive stocks due to fears of an economic downturn due to President Donald Trump’s tariffs. GE Healthcare was also upgraded recently by Goldman Sachs, whose analysts said that their outlook on hospital capital expenditures out of China was “incrementally positive.” A main target of Trump’s trade war is China — so, the strained relationship between Washington and Beijing is certainly something to watch. GE Healthcare has been also ramping up its artificial intelligence capabilities. On Tuesday, Nvidia announced that it is working with GEHC to “advance innovation in autonomous imaging.” GEHC makes all manner of imaging machines from X-rays to MRIs to CT scans to ultrasounds. Bottom Line The Investing Club agrees on the impact that an aging population will have on these portfolio stocks. For Home Depot, we’ll need to likely see seniors move on from their homes or pass them on to children for the uplift in repairs and renovations. As seen recently, when mortgage rates drop home loan demand increases but when they tick up mortgage demand declines. Mortgage rates follow the 10-year Treasury yield, which has been volatile despite last year’s Federal Reserve interest rate cuts. The Fed held rates steady on Wednesday, still projecting two cuts in 2025. We also see a winning path for GE Healthcare in the long term, though we have been a bit cautious lately. “An aging population is a tailwind to GE Healthcare’s business because as patients get older, they need to seek more Medicare care, meaning more tests and procedures,” said Jeff Marks, director of portfolio analysis for the Club. “Hospitals will need the most advanced equipment and machines GEHC offers to keep up with the increase in volumes.” Jim is interviewing Home Depot CEO Edward Decker for Thursday evening’s “Mad Money.” Earlier, during the Club’s Morning Meeting, Jim talked about what he hopes to learn. (Jim Cramer’s Charitable Trust is long HD, GEHC. See here for a full list of the stocks.) 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