UPDATE: Jefferies Raises PT to $44 on Home Depot

Jefferies raises its price targe ton Hold-rated Home Depot (NYSE: HD) to $44 from $42 on a quarter that looked good beyond weather advantages.

Jefferies says, "HD reported 4Q diluted EPS $0.08 better than our estimate and the Street, including a lower than expected tax rate, which contributed about $0.02 to the beat. Revenue grew 5.9% on a comp sales increase of 5.7%. The quarter saw a benefit from favorable weather and, we suspect, more effective promotions. FY13 EPS guidance of $2.79 is a little light of current expectations – likely to be viewed as conservative."

HD closed at $46.92 a share on Tuesday.