Buckingham downgraded Restoration Hardware to Underperform and lowered its price target to $22 from $24. The firm's analyst recommends using Restoration Hardware shares as a source of funds ahead of Q4 earnings March 30 as he expects a choppy road to recovery in FY17, marked by trade offs between revenus and margins. Further, Buckingham said liquidity issues could loom large in investors minds this year with its first tranche of $350M in convertible debt due in June 2019, combined with execution challenges, creates uncertainty around a potential earnings recovery.