RH building momentum heading into 2024 - TD Cowen
The RH (NYSE:RH) price target was raised to $350 from $325 at TD Cowen on Thursday, with the bank's analysts maintaining an Outperform rating on the stock.
Analysts cited recent checks and rising demand as two factors pushing their price target for the stock higher.
«Recent checks provide prove points to management's views on building momentum ahead and several inflections in FY24,» said the analysts. «As we've discussed, we view new products hitting galleries as very important catalysts, and early reads suggest the new Interiors collection is resonating with shoppers.»
«We expect the improvement in demand to be gradual and on a gallery-by-gallery basis as new products are rolled out over the coming months,» the analysts added.
TD Cowen noted that RH previously said they expect gallery refreshes to be complete by March. As a result, they see the ongoing Interiors and Contemporary product refreshes along with the Modern sourcebook dropping in 1Q, followed by those products hitting galleries as the next catalysts for the stock, which is up over 13% in 2023.
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