RH rises after brokerages raise PT on strong demand from upmarket buyers

RH

09/12/2024 16:54

** Upmarket home furnishings retailer RH's  RH.N  shares
rise ~4% to $388.88 
    ** Wells Fargo raises PT to $425 from $350 and expects RH to
brush off macro pressures in fiscal Q3 with higher revenue and
return to profit growth
    ** Co is set to report Q3 results for the quarter ended
November 2, 2024, on Thursday
    ** Telsey Advisory Group believes newer products drove
higher demand in Q3 than in Q2; lifts PT to $330 from $290 
    ** Says RH is an outlier as the majority of furniture
retailers experienced lower demand in Q3
    ** Stifel raises PT to $420 from $375 and says inventory
levels and gross margin performance will likely be something to
look out for as these issues are unlikely to be fully resolved
    ** RH has been redoing its stores and updating inventories;
the company said in the last quarter that this would result in
revenue lag
    ** YTD stock has risen 33.9%, including session's moves

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))