RH price target lowered to $410 from $510 at BofA

BofA lowered the firm’s price target on RH (RH) to $410 from $510 and keeps a Buy rating on the shares ahead of the company reporting Q4 results on April 2. The firm notes its Q4 sales and EPS forecasts are slightly above Street views and thinks double-digit growth can continue into Q1, but notes that the macro picture has softened quarter-to-date and concerns on consumer discretionary spend could set a more cautious tone for the call. RH is well-positioned to navigate tariffs, but near-term margins could be impacted by higher rates, adds the analyst in a preview.