UPDATE: Canaccord Genuity Raises PT to $57 on Home Depot on Sales Momentum

Canaccord Genuity reiterated its Hold rating on Home Depot

and raised its price target from $56 to $57. Canaccord Genuity noted, "HD's operating EPS of $0.74, excluding an $0.11 charge for the closure of stores in China, was $0.03 above our estimate and $0.04 ahead of consensus. SSS were up 4.2% on top of +4.2%. … We are maintaining our HOLD rating with shares trading intra-day at 18x our FY13 EPS estimate and 11x FY13E EV/EBITDA. We believe the housing market is slowly recovering, but we believe it is priced into the stock." Home Depot closed at $61.16 on Monday.