Cowen analyst Oliver Chen lowered his price target on Restoration Hardware (NYSE: RH) to $47.00 (from $64.00) following Q4 miss and red flags for 2016. The firm maintained a Market Perform rating.

Chen commented, "As we cautioned with our recent downgrade to Market Perform (here), biz. conditions have become increasingly more difficult for RH resulting in a significant 4Q miss: preliminary EPS of 99c (vs. prior guide $1.37-1.42) on sales +11% y/y (vs. prior +21-23%). We reduce EPS for FY16 as we believe weak demand likely to persist. Lower PT to $47 (was $64) on ~14x '17 EPS."

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Shares of Restoration Hardware closed at $51.92 yesterday.