Gordon Haskett analyst Chuck Grom downgraded RH to Reduce from Hold at Gordon and lowered his price target for the shares to $88 from $100. A slowdown in the luxury housing market and high-end consumer spending is likely to keep the retailer's sales "at bay," Grom tells investors in a research note. Further, an impending convertible payback could put RH in a "tricky position from a leverage standpoint," adds the analyst. He believes a Reduce stock rating is warranted with the high-end consumer "running out of steam at exactly the wrong time." Shares of RH are down 3%, or $3.48, to $99.27 in early trading.