Jefferies Comments on Home Depot 1Q, Adjusts EPS Estimates

Jefferies is providing a few comments on Home Depot HD following the company's 1Q results. “EPS of $0.50 achieved on better expense controls despite softer sales. Full year sales guidance was in-line with prior guidance – we believe this anticipates a seasonal sales bounce after 1Q,” Jefferies writes. “We expect the relative comp outperformance vs. LOW to keep HD shares at a better multiple near term. “We are maintaining our FY12 EPS estimate of $2.33 and raising our FY13 EPS estimates to $2.70, which factors in about a $0.05 benefit from a 53rd week.” Home Depot closed Tuesday at $37.40.