RH price target lowered to $310 from $325 at BofA

BofA analyst Curtis Nagle lowered the firm’s price target on RH (RH) to $310 from $325 and keeps a Buy rating on the shares ahead of the company’s expected report on September 12. The firm lowers its FY24 revenue growth projection to 5.8% year-over-year from 7.1% with a soft second half industry outlook flagged by Williams-Sonoma (WSM), Arhaus (ARHS) and to a lesser extent Wayfair (W) being seen as likely to weigh on trends, but despite near-term industry pressures says it still sees RH as well positioned for rapid earnings expansion.