Buckingham analyst Kelly Halsor downgraded Restoration Hardware to Underperform and lowered her price target to $30 from $33. Halsor's recent channel checks indicate the worst of the supply chain issues may still be ahead and first half 2016 earnings estimate may need to come down further once it reports Q4 results on March 29. Checks reveal supply chain issues at Modern continued into Q1 and the extent of the problem may not be fully understood by the company, the analyst said. Additionally, Halsor said trends decelerated significantly as virtually all promotions in February were eliminated ahead of the Grey Card launch last weekend.