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RH

RH

$172.04

4.04 (2.40%)

10:56
09/12/19
09/12
10:56
09/12/19
10:56

RH exploring potential $300M convertible notes offering

RH announced that it intends to explore a potential offering of $300M aggregate principal amount of convertible notes due 2024 in a private offering to qualified institutional buyers. In the event the company chooses to complete the proposed $300M offering, RH would expect to enter into convertible note hedge and warrant transactions that are designed to offset the effect of dilution from the conversion of the notes up to 100% or more of the common stock price at the time of pricing of the notes. The proceeds from the offering would primarily be used to retire the company's $200M of outstanding second lien debt, reduce outstanding borrowings under the company's credit facility and to pay the net costs of the convertible note hedge and warrant transactions. The retirement of the company's second lien debt would reduce interest expense by approximately $6.5M in the second half of fiscal 2019, and $18M on an annual basis, and would enable the company to increase adjusted diluted earnings per share by approximately 20c-25c this year, and 65c-70c in fiscal 2020, the company stated.

RH RH
$172.04

4.04 (2.40%)

09/11/19
WELS
09/11/19
NO CHANGE
Target $175
WELS
Outperform
RH price target raised to $175 from $150 at Wells Fargo
Wells Fargo analyst Zachary Fadem raised his price target for RH to $175 from $150 saying that the company managed to exceed his sales/EBIT/EPS and raise the 2019 outlook. That said, the analyst believes some conservatism remains, as second half of the year sales are expected to decelerate. While a Q3 sequential slowdown could prove a near-term sticking point, the outlook is not surprising, and in part reflects previously announced business exits, slower outlet growth and some Q2 pull forward from home delivery efficiencies, he contends. Fadem reiterates an Outperform rating on the shares.
09/11/19
WEDB
09/11/19
NO CHANGE
Target $170
WEDB
Outperform
RH price target raised to $170 from $160 at Wedbush
Wedbush analyst Seth Basham raised his price target for RH to $170 from $160 as the company delivered Q2 results that topped updated guidance given with just five days left in the quarter as sales strengthened to end the quarter. RH also further boosted 2019 guidance by more than the beat in sales, operating margin, EPS and free cash flow, he notes, adding that the company is "firing on all cylinders," with its brand rising well above the fray of other struggling home furnishings and luxury retailers. Basham reiterates an Outperform rating on the shares.
09/11/19
GUGG
09/11/19
NO CHANGE
Target $200
GUGG
Buy
RH price target raised to $200 from $175 at Guggenheim
Guggenheim analyst Steven Forbes noted that RH raised its 2019 full-year guidance for the third time along with its Q2 report, which brings its pre-tax income outlook almost back in line with the "original" guidance given in December. Still, he believes management's updated guidance for the second half remains conservative as he anticipates an acceleration in Next Generation operating weeks. Forbes raised his price target on RH shares to $200 from $175 following the report and keeps a Buy rating on the shares, which are down $3.69, or 2%, to $155 in pre-market trading.
09/11/19
LOOP
09/11/19
NO CHANGE
Target $180
LOOP
Buy
RH price target raised to $180 from $160 at Loop Capital
Loop Capital analyst Anthony Chukumba raised his price target on RH to $180 and kept his Buy rating after its "positive surprise" Q2 earnings beat and FY19 guidance raise for the 4th time this year. The analyst notes that he has a bullish outlook on the company given its "differentiated concept" and growth runways in the U.S. and internationally. Chukumba adds that the current valuation on RH stock assigns an "unwarranted" level of skepticism from investors, with its current 13.1-times forward earnings multiple being a steep discount to its historical average levels.

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