RH price target raised to $360 from $230 at Wedbush

Wedbush raised the firm’s price target on RH to $360 from $230 and keeps a Neutral rating on the shares ahead of the Q2 earnings report. The firm sees potential for sales and earnings beats versus consensus and the company’s guidance, but expects the results to be about in line with buy-side expectations. Weak Census Bureau category sales data, negative readthroughs from competitors who saw a deceleration in big-ticket furniture spending, and negative third-party data points creates suggest downside risk to Q2 sales forecasts, the analyst tells investors in a research note. However, the firm believes RH’s guidance is sufficiently conservative to capture these headwinds .