RH price target raised to $350 from $260 at Loop Capital

Loop Capital raised the firm’s price target on RH to $350 from $260 and keeps a Hold rating on the shares. The company’s Q4 results were “much worse” than expected, but the firm is “encouraged” by its upcoming FY24 new product introductions as well as the management’s plan to double sourcebook circulation and customer contacts, the analyst tells investors in a research note. Loop Capital adds that it is increasingly confident that RH’s recent top-line and profitability trends will improve markedly throughout FY24, the firm added.