UPDATE: Oppenheimer Upgrades Home Depot to Outperform on Consumer Spending Data

Oppenheimer upgraded Home Depot HD from Market Perform to Outperform and raised the price target from $67.00 to $76.00. Oppenheimer noted, "Data suggest that consumer spending continues to hold up well. "More normal" weather vs. last year's unseasonably warm winter and recent changes to US fiscal policy represent near-term challenges for retailers, but have yet to derail meaningfully the positive trajectory in underlying spending trends. Retail stocks have enjoyed a solid move higher lately. Since early Aug. 2012, our Opco Hardlines Coverage is up 20% vs. a gain of 10% in the S&P 500. We are not making a broadbased call on retailing stocks into Q4 results. Instead, we maintain our selectively positive stance toward the group. We are lifting our rating on Home Depot to Outperform from Perform." Home Depot closed at $64.38 on Thursday.