Collins Stewart Raises Price Target on Home Depot (HD) Following Solid Q4 Results and FY12 Guidance

Collins Stewart is maintaining its Neutral rating on shares of Home Depot (NYSE: HD) and is raising its price target by $1 to $45 following the release of its Q4 results.

The company posted better than expected Q4 results as earnings topped the firm's estimate by $0.09 and SSS topped its by 5 percent. The firm notes the upside was a direct result of the warmer weather.

The firm is raising its FY12 EPS estimate from $2.74 to $2.79 to go inline with the company's guidance, which the firm notes its due to more share repurchasing and the extra week of operations.

An analyst at Collins Stewart comments, "Our 3% SSS estimate for FY2012 represents a 2-year comp of 6% - the same result HD achieved in 2011. Upside could come from a pick-up in bigger-ticket home related spending, which we still hesitate to forecast. Management commented that early February results have been encouraging."

For an analyst ratings summary and ratings history on Home Depot click here. For more ratings news on Home Depot click here.

Shares of Home Depot closed at $46.71 yesterday.

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