RH price target lowered to $250 from $300 at Baird

Baird analyst Peter Benedict lowered the firm’s price target on RH to $250 from $300 and keeps a Neutral rating on the shares. The analyst said RH’s cautious approach to 2023 is understandable, and its decision to push ahead with key growth initiatives despite the negative impact on near-term margins is the right one for the business longer term. We like the reset of expectations, but our continued macro concerns keep us patient.