Arhaus price target lowered to $15 from $18 at BofA

BofA lowered the firm’s price target on Arhaus to $15 from $18 and keeps a Buy rating on the shares. After having hosted a store tour with Arhaus as part of BofA’s Charlotte store tours, the firm reiterates its Buy rating given the company’s growing brand awareness and ability to double its full-sized gallery footprint. However, it trims its target to reflect a lower EPS estimate of 70c and a longer valuation horizon and given the firm’s expectations for industry headwinds to persist through the second half of 2024.