UPDATE: Morgan Stanley Reiterates On The Home Depot Following Strong Q2 Results

In a report published Tuesday, Morgan Stanley analyst Simeon Gutman reiterated an Equal-Weight rating on

, and raised the price target from $90.00 to $92.00. In the report, Morgan Stanley noted, “Despite HD's recent move higher, we expect the shares to be up today on the magnitude and quality of this upside. Over the last several months, there have been increasing concerns over the durability of the housing recovery given choppy macro, supplier,and competitor data. HD's Q2 performance shows that the housing undercurrent is intact, seasonal demand bounced back from Q1,and that HD's execution remains stellar.There is a shortage of high quality,e-Commerce insulated segments with sales drivers, which makes Home Improvement one of the best positioned segments in our coverage.” The Home Depot closed on Monday at $83.59.