RH price target lowered to $325 from $375 at Guggenheim

Guggenheim analyst Steven Forbes lowered the firm’s price target on RH to $325 from $375 and keeps a Buy rating on the shares. Though RH’s Q4 operating results "came with limited surprise" after the company announced preliminary results in early February, management’s initial 2023 outlook implies greater-than-expected EBIT margin pressure and the firm is lowering its estimates. However, Guggenheim views management’s commitment to leaning back into its product innovation and real estate transformation initiatives favorably as they further support a belief that EPS will trough in 2023.