Home goods retailer RH jumps as brokerages hike PT on strong FY forecast
13/09/2024 12:46
** Home furnishing retailer RH's shares RH.N surge ~20% to
$310 premarket after at least six brokerages hike PT
** RH forecasts FY24 sales growth of 5%-7%, above LSEG est.
of ~4.8%, on steady demand for its upscale home furnishing goods
** Citi raises PT to $355 from $340, retains "buy" rating
** Co still faces bumpy road, but this feels like the
"all clear" moment that RH's execution is improving, brand has
renewed energy to sustain building demand growth over
near-to-medium term, and margins are inflecting, Citi analyst
Steven Zaccone says
** TD Cowen raises PT to $350 from $325, says it is
encouraged by green shoots at RH as question of recovery feels
more of a "when" and not "if"
** Morgan Stanley hikes PT to $310 from $300; BofA raises PT
to $359 from $310
** Eight of 21 brokerages rate stock "buy" or higher, 12
"hold" and one "sell"; their median PT is $302
** Up to Thursday's close, stock down 12% YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com))