UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on The Home Depot as Business and Execution Momentum Continues

In a report published Wednesday, J.P. Morgan analyst Christopher Horvers reiterated an Overweight rating on The Home Depot HD, and raised the price target from $86.00 to $88.00. In the report, J.P. Morgan noted, “HD's 3Q results offered proof of the company's continued great execution and supportive sector backdrop as evidenced by the company beating up and down the income statement with balanced traffic, pro vs. DIY, and the consumer trading up.Traffic and ticket were balanced, at 4.0% and 3.2%, respectively, high-ticket (>$900) purchases comped up 10.3% including strong performance in kitchen and appliances, and the DIY and Pro businesses were generally in line with each other. HD is also benefitting from trade up (a trend that emerged earlier this spring) as consumers invest more in their homes and respond to innovation.” The Home Depot closed on Tuesday at $80.38.