Despite a more than 65 percent rise in Home Depot's stock during the past year, one analyst says the home improvement retailer's valuation does not concern him.

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"I will agree that the valuation looks expensive if you look at a historical multiple," said Peter Keith, a senior research analyst at Piper Jaffray. "But if you're looking back at the past five years, you're looking at a very depressed housing market, and so I don't think that's a really relevant valuation characteristic."