FMP
Loop Capital Lowers Restoration Hardware Price Target Following Earnings Miss
Jun 17, 2024 3:23 PM - Davit Kirakosyan
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Loop Capital analysts reduced their price target for Restoration Hardware (NYSE:RH) stock to $230 from $350, while maintaining their Hold rating. The analysts noted that RH's first-quarter 2024 results released last week were worse than anticipated, with a per-share loss significantly exceeding consensus forecasts. Although management reaffirmed its fiscal 2024 guidance, the second-quarter projections fell short of expectations, highlighting a disconnect given the first-quarter miss and management's more pessimistic macroeconomic outlook.
Despite being encouraged by RH's recent and upcoming product innovations, the analysts believe these efforts won't be sufficient to counteract the prevailing macroeconomic challenges. As a result, they lowered the price target to reflect a more uncertain near-term outlook.
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