RH price target lowered to $415 from $425 at BofA

BofA analyst Curtis Nagle lowered the firm’s price target on RH to $415 from $425 and keeps a Buy rating on the shares after the company reported Q2 revenue below the firm’s estimate and gave Q3 revenue guidance that missed Street estimates. To reflect ongoing macro challenges and slightly higher advertising spending, the firm lowered its FY23 revenue view by 2% and adjusted EPS forecast by 10%, while cutting its 2024 revenue and adjusted EPS forecasts by 4% each, the analyst tells investors.