UPDATE: Piper Jaffray Raising Price Target On The Home Depot (HD)

Piper Jaffray is raising its price target on shares of The Home Depot HD to $38 from $39, and it has a Neutral rating on shares. In a note to clients, Piper Jaffray writes, "A late start to the spring selling season and lapping cash for appliances and the first-time buyer tax credit drove a -0.6% comp in Q1. However, we are encouraged that the regions of the country not impacted by the inclement weather (west and south) performed at or above HD's Q1 plan and that comps are running positive thus far in May. We are increasing our PT to $39 from $38 based on 17x our F11E EPS of $2.30." Shares of HD gained 42 cents yesterday to close at $37.40, a gain of 1.1%.