Home Depot (HD) Target Lifted to $124 at Piper Jaffray on 'Very Strong' Q4

Piper Jaffray analyst Peter Keith reiterated an Overweight rating and boosted his price target on Home Depot (NYSE: HD) to $124.00 (from $108.00) following "very strong" Q4 results.

Keith commented, "We are maintaining our Overweight rating and raising our price target from $108 to $124 on HD shares following a very strong Q4. Results topped consensus by a nice margin and we remain impressed with the broad strength across the enterprise with regard to geography, product categories and customer type (DIY vs. Pro). This broad strength combined with solid execution and managing around the west coast port issues gives us confidence in the company's 2015 outlook. While the stock had a big move in 2014, we continue to believe the best of breed retailer within home improvement will continue to push higher with strong execution as well as the economy working as a tailwind."

The firm raised FY 2015 EPS from $5.18 to $5.26 and FY 2016 EPS from $6.01 to $6.20.

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 $116.75 yesterday.

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