Credit Suisse Reiterates Rating, Raises Price Target On Home Depot On Management Meeting Takeaways

In a report published Tuesday, Credit Suisse analyst Seth Sigman reiterated an Outperform rating on Home Depot Inc (NYSE: HD), and raised the price target from $110.00 to $120.00.In the report, Credit Suisse noted, “We met with HD's senior management last week, which highlighted the many reasons to be optimistic on this story, ranging from an improving macro backdrop, to company specific efforts to drive the Pro business and enhance store productivity, to large potential share gains and attractive cash flow characteristics. We provide our own analysis of these opportunities inside. While HD's stock is embedding some of that, we expect further outperformance through strong near-term numbers, progress towards long-term estimates, and support from reasonable relative valuation to other large cap consumer names. Based on our updated math, we are raising our target price to $120 (from $110) and our 2016 EPS estimate.”Home Depot closed on Friday at $104.12.