UPDATE: Citigroup Reiterates Buy Rating, Raises PT on The Home Depot as Long Term Growth Outweighs Slight Q3 Miss

In a report published Wednesday, Citigroup analyst Kate McShane reiterated a Buy rating on

, and raised the price target from $95.00 to $110.00. In the report, Citigroup noted, “Today's weakness in HD's shares presents a more attractive buying opportunity as the business was more or less in-line with solid expectations. The 5.2% comp was generated from both traffic and ticket increases, from strength in the U.S., Canada, and Mexico, and positive comps across all merchandise categories. In addition, HD's sales to large pro customers are growing at 2x the company average. Management implied a 5% Q4 comp and noted an upward bias to their estimate. Though comp growth has been decelerating, we are confident in the medium-term benefit from the ongoing housing recovery and we think it's reasonable to expect mid-single digit comp growth with operating leverage and robust buybacks for the foreseeable future.” The Home Depot closed on Tuesday at $96.50.