Goldman analyst Matthew Fassler removed Restoration Hardware from the Conviction Buy List due to inconsistent execution, potential tax exposure, smaller concerns about mobile and the member program, and his positioning in-line with consensus. The analyst maintains his Buy rating and $40 price target given the company's franchise value and expected 2017 earnings recovery.
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BofA raised the firm's price target on RH to $375 from $360 and keeps a Buy rating on the shares. While Q4 sales and EPS missed Street expectations due to shipping and weather disruptions, RH forecasts FY24 demand growth at 12%-14%, which would be a "sharp acceleration" from FY23, the analyst tells investors in a post-earnings note. RH's Q1 revenue guidance was below the Street view, though, based on investor conversations, BofA thinks FY24 revenue guidance is better than expected and demand trends are above, the analyst added.
Baird raised the firm's price target on RH to $300 from $280 and keeps a Neutral rating on the shares. The firm said Q4 results showed a weak finish to 2023 but noted demand is seemingly turning the corner and management expects trends to accelerate throughout 2024 behind increased newness and brand-building efforts as they will be doubling sourcebook distribution and leaning into advertising.
JPMorgan analyst Christopher Horvers raised the firm's price target on RH to $345 from $329 and keeps an Overweight rating on the shares following the Q4 report. The company reported a "rough print" and with profits being pushed out again, but there is optimism on demand improvement with Q1 estimates looking conservative, the analyst tells investors in a research note. The firm believes 2025 consensus estimates for RH seem intact.
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