BofA raised the firm’s price target on RH to $375 from $360 and keeps a Buy rating on the shares. While Q4 sales and EPS missed Street expectations due to shipping and weather disruptions, RH forecasts FY24 demand growth at 12%-14%, which would be a “sharp acceleration” from FY23, the analyst tells investors in a post-earnings note. RH’s Q1 revenue guidance was below the Street view, though, based on investor conversations, BofA thinks FY24 revenue guidance is better than expected and demand trends are above, the analyst added.
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