UPDATE: Oppenheimer Raises PT to $47 on Home Depot

A report from Oppenheimer reiterates its Outperform rating and raises its price target from $41 to $47 on Home Depot

. The report states, “We look very favorably upon the better-than-expected Q3 (Oct.) results and updated FY11 (Jan. 2012) results that Home Depot reported today. Over the past few years HD has worked aggressively to enhance the structural underpinnings of its enterprise and position the chain to perform well even with macro conditions uncooperative.” HD closed yesterday at $38.25.