Arhaus Inc (ARHS) PT Lowered to $15 at Telsey

Telsey analyst Cristina Fernandez lowered the price target on Arhaus Inc (NASDAQ: ARHS) to $15.00 (from $18.00) while maintaining a Outperform rating.

The analyst commented: "Overall, while we are disappointed and surprised by the negative inflection in the business and the magnitude of the cut to the 2024 guidance, we see Arhaus as well positioned over the next several years once the housing market improves given its differentiated product, larger showroom base, more efficient distribution, and upgraded technology. We maintain our Outperform rating but are lowering our 12-month price target to $15 from $18, based on applying an EV/EBITDA multiple of ~10x to our revised 2025 EBITDA estimate of $184MM, down from $225MM."

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