Goldman Boosts PT on Restoration Hardware (RH)

Goldman Sachs today maintained a Neutral rating on Restoration Hardware (NYSE: RH) and raised its price target to $59.00 (from $52.00). Yesterday Restoration Hardware reported Q1 results and guidance that topped estimates.

Analyst Matthew J. Fassler thinks a number of factors are likely to move the shares higher.

"Importantly, gross margin exceeded our forecast on better fixed-cost leverage . . . RH spoke to a surge in demand in the past two weeks, easing concerns about a pause in sales due to a change in catalog mailings vs. a year ago . . . The new store program is performing well, with big sales gains in converted 'Design Galleries,' and management stressing another layer of growth ahead as a mall anchor, with appealing economics . . . The firm announced two more new sales," said Fassler.

For an analyst ratings summary and ratings history on Restoration Hardware (NYSE: RH) click here. For more ratings news on Restoration Hardware click here.

Shares of Restoration Hardware closed at $58.96 yesterday.

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