RH: First Quarter Results Likely To Disappoint On Macroeconomic Headwinds
Product demand declined by 10% to 12% in March. Key growth drivers probably heavily impacted by the pullback in equity markets. Lowering our long-term revenue growth rate to account for a likely slowdown in the business. Based on changes to our model, we arrive at a new 1-year Price Target of $570/share. Reiterate Buy Rating.