RH price target raised to $375 from $300 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on RH to $375 from $300 and keeps an Overweight rating on the shares. RH’s Q2 sales and EBIT handily beat Street expectations, and Wells Fargo is constructive as recent buybacks reflect confidence and the FY23 outlook screens conservative, the analyst tells investors in a research note.