RH price target lowered to $370 from $420 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on RH to $370 from $420 but keeps a Buy rating on the shares. The company’s Q3 results were well ahead of expectations, including sizable top-line, profitability, and earnings outperformance, while the management’s outlook for FY22 was "encouraging" and its product plans were "exciting", the analyst tells investors in a research note. Chukumba adds however that his reduced price target reflects a more pessimistic macroeconomic view, particularly given the continued deterioration of the high-end U.S. housing market.