Jefferies analyst Daniel Binder reiterated a Buy rating and boosted his price target on Home Depot (NYSE: HD) to $135.00 (from $130.00) following Q4 results.

Binder commented, "Share repurchase appears to have upside as HD guidance seems low based on its 2x adj. debt to ebitdar target. Q1 is off to a good start and is expected to be the highest comping quarter in FY16. Fundamentals continue to improve as HD is seeing improvement in units per transaction, after years of decline. GM% is planned flat, but we think the bias is toward the up side on supply chain and merchandising as well as better shrink."

The firm trimmed Q1 EPS from $1.17 to $1.16 and FY 2016 EPS from $6.17 to $6.13.

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Shares of Home Depot closed at $116.75 yesterday.