Corrected: BUZZ-Home goods retailer RH jumps as brokerages hike PT on strong FY forecast

RH

13/09/2024 14:20

(Corrects figure in third bullet to $47.59 not 47.59)
    ** 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
    ** Online home goods seller Wayfair's shares  W.N  also up
7.6% at $47.59 after RH's strong FY forecast  
    ** Citi raises RH's 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))