These Analysts Cut Their Forecasts On RH After Q1 Results

RH RH reported mixed first-quarter financial results on Thursday.

RH reported quarterly losses of 40 cents per share which missed the analyst consensus estimate of losses of 12 cents per share. Quarterly sales came in at $726.96 million which beat the analyst consensus estimate of $724.7 million, according to data from Benzinga Pro.

"We are pleased to report that our demand trends inflected positive in the first quarter and continue to build momentum despite operating in the most challenging housing market in three decades," said Gary Friedman, CEO of RH.

RH said it sees second-quarter demand growth in the range of 9% to 10% and revenue growth of between 3% and 4%. The company expects demand growth in the range of 12% to 14% and revenue growth of between 8% and 10% on a year-over-year basis. RH forecasted it will end the year with an increased backlog of approximately $110 million to $130 million due to revenue lagging demand throughout fiscal year 2024.

RH shares fell 3% to close at $277.05 on Thursday.

These analysts made changes to their price targets on RH after the company reported quarterly results.

• Baird cut the price target on RH from $300 to $275. Baird analyst Peter Benedict maintained a Neutral rating.
• TD Cowen lowered RH price target from $350 to $325. TD Cowen analyst Max Rakhlenko maintained a Buy rating.
• Wedbush cut the price target on RH from $320 to $250. Wedbush analyst Seth Basham maintained a Neutral rating.

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