UPDATE: Citi Raises PT on Home Depot from $39 to $41

Citi has published a research report on Home Depot HD raising the price target. In the report, Citi wrote, "HD reported 2Q11 EPS of $0.86, in-line with our estimate, above consensus of $0.83, and vs. $0.72 LY (no guidance was provided). HD's 2Q11 SSS of +4.3% were above our estimate of +3.5%. The company's gross margin rate expanded +8 bps YOY but was below our estimate of +17 bps." Citi rated Home Depot a Buy with a price target raised from $39.00 to $41.00. Home Depot closed Tuesday at $33.12.