Piper Jaffray Raises Price target on Restoration Hardware (RH) Following 1c EPS Beat
Piper Jaffray reiterated a Neutral rating on Restoration Hardware (NYSE: RH), and raised the price target to $109.00 (from $91.00), following the company's 2Q15 results. RH reported EPS of $0.85 versus the consensus estimate of $0.84. For FQ3, management expects to report EPS in the range of $0.60 to $0.65.
Analyst Neely Tamminga commented, "On the heels of RH's earnings release for FQ2, we are adjusting our financial model to reflect management's updated guidance. Too, management reiterated their longerterm financial roadmap in which they believe they can achieve $4-$5B in revenue and a mid-teens% operating margin rate over time. While we recognize our new price target represents healthy upside potential and RH as brand is on a good trajectory, from a stock price appreciation perspective we view other stocks as having greater relative potential and as such we maintain our Neutral rating."
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Shares of Restoration Hardware closed at $91.06 yesterday.