Home goods retailer RH rises after Wedbush upgrades to 'outperform'

RH

21/10/2024 15:13

** Shares in home furnishing co RH  RH.N  up 1.6% at
$359.94, touching more-than-a-year high
    ** Wedbush upgrades stock to "outperform" from "neutral",
raises target price to $430 from $310
    ** Brokerage says RH is introducing more new products that
are trend-right with much lower price points and good quality,
creating a compelling value proposition for its core
aspirational luxury customer
    ** Adds, RH now focused on owning the luxury mountain and
the lion’s share of the premium furniture market
    ** Believes RH story can work without an improvement in
housing and co should return to positive free cash flow and
materially reduce leverage in 2025
    ** 9 out of 22 brokerages rate the stock "buy" or higher, 12
"hold", 1 "sell"; median is $320 - LSEG data
    ** Including session's gain, stock up about 24% YTD
    

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))