BofA lowered the firm’s price target on RH to $309 from $345 and keeps a Buy rating on the shares after the company reported a Q3 revenue and EBIT miss driven by housing weakness and international costs, narrowed its FY23 revenue guidance and lowered its EBIT range. The firm sees the print as “disappointing” and has lowered its FY23 and FY24 adjusted EPS estimates by 20% and 12%, respectively, but views the 2024 growth story as “still intact” despite the “muddy print,” the analyst tells investors.
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