Restoration Hardware (RH) PT Lowered to $410 at BofA Securities

BofA Securities analyst Curtis Nagle lowered the price target on Restoration Hardware (NYSE: RH) to $410.00 (from $510.00) while maintaining a Buy rating. The analyst expects a solid Q4 but softer start to the year.

The analyst commented, "RH reports on 4/2 and we forecast 4Q sales/EBIT/EPS of $832mn/$108mn/$2.06, slightly above Street at $830mn/$107mn/$1.92. Our 12.7% YoY sales growth projection (Street at 12.4% YoY and RH guided 10-12%) implies a 4.6ppt accel vs 3Q, with improvement likely fueled by product newness, marketing investments, and gallery openings. We think double-digit growth can continue into 1Q, but macro has softened QTD, and concerns on consumer discretionary spend could set a more cautious tone for the call. RH is well-positioned to navigate tariffs, but near-term margins could be impacted by higher rates (called out by competitors WSM and ARHS)."

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