RH price target lowered to $320 from $335 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez lowered the firm’s price target on RH to $320 from $335 and keeps a Market Perform rating on the shares. Shares of RH have traded down since its Q4 report in late March over concerns that the FY24 guidance could be optimistic in light of a housing market that remains challenged, the analyst tells investors. While the firm is encouraged by signs RH demand has turned positive, ongoing investments in international will likely take a year or two more to cycle through.