Buckingham analyst Kelly Halsor upgraded Restoration Hardware after the company completed its $300M stock buyback program and authorized an additional $700M of share buybacks. The analyst thinks that the fact that the company completed its $300M of buybacks without drawing on its revolver indicates that its inventory has been significantly lowered. As a result, she expects the company's revenue to significantly beat expectations. However, the analyst thinks that the company now faces additional risk if the country enters recession. Target to $64 from $35.