Cowen Remains Bullish on Restoration Hardware (RH) Following 2Q15
Cowen reiterated an Outperform rating and $108.00 price target on Restoration Hardware (NYSE: RH) following the company's 2Q15. RH reported EPS of $0.85, beating consensus by 1c. Revenues were $506.9M, coming in ahead of consensus' $503.33M.
Analyst Oliver Chen commented, "Impressive 2Q momentum (rev. & EPS beat) plus strong prospects for 4Q sales acceleration on Modern, Teen & new galleries drive our conviction in RH's L-T growth, margin expansion & steady mid-to-high 20's EPS growth. What's New: strong 2Q comp despite less newness y/y, greater conviction in Modern, reiteration of FCF positive, 2H SG&A leverage & accelerated sales growth in '16 on new biz drivers."
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Shares of Restoration Hardware closed at $91.06 yesterday.