As previously reported, Morgan Stanley analyst Simeon Gutman upgraded Home Depot (HD) to Overweight from Equal Weight, stating that he now has a more robust view of home improvement industry growth after the firm's deep dive analysis suggested the housing recovery is in the "middle innings," not the "8th/9th" inning as the consensus suggests. Additionally, rising rates may take even longer to impact home improvement spending in this cycle, Gutman contends. In addition to the rating change, he raised his price target on Home Depot shares to $165 from $150 and also hiked his target on peer Lowe's (LOW) to $88 from $83 while reiterating an Overweight rating on its shares.