RH price target lowered to $315 from $338 at BofA

BofA analyst Curtis Nagle lowered the firm’s price target on RH to $315 from $338 and keeps a Buy rating on the shares. The firm notes RH reported adjusted Q4 adjusted operating income $128M versus its estimate of $125M and consensus of $127M, due to lower gross margin offset by SG&A. Revenues were -14.3% year-over-year and 50bps lower than BofA estimate, the firm points out in a research note on Friday. Overall, operating earnings were in-line with pre-announced numbers given in early February.