RH price target lowered to $300 from $370 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on RH to $300 from $370 but keeps a Buy rating on the shares. The analyst cites the company’s worse than expected Q4 results and Fy23 guidance, stating that RH continues to grapple with deteriorating U.S. macroeconomic conditions – most notably, a meltdown in the luxury housing market and, more recently, the implosion of Silicon Valley Bank and related broader banking contagion fears. Loop Capital adds however that it is still encouraged by RH’s concurrent cost-cutting initiatives, including the elimination of 440 corporate positions.