Telsey Advisory lowered the firm’s price target on RH to $290 from $320 and keeps a Market Perform rating on the shares. The company’s Q1 revenues and operating margin were inline with the company’s guidance, but its EPS missed consensus by a wide margin due to lower-than-expected operating margin and higher interest expense, the analyst tells investors. While the firm is pleased by RH’s improving demand trend and a return to top line growth this year, Telsey’s enthusiasm is tempered by ongoing investments and potential risk to the company’s 2024 outlook.
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