UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on The Home Depot

In a report published Friday, Jefferies & Company reiterated its Hold rating on The Home Depot

, and raised its price target from $51.00 to $56.00. Jefferies noted, “While we are maintaining our Hold ratings on HD and LOW ahead of 3Q earnings, we still prefer Home Depot to Lowe's despite the 10% P/E valuation gap that exists. We are raising estimates on HD and maintaining LOW.” The Home Depot closed on Thursday at $60.86.