RH upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded RH (RH) to Overweight from Equal Weight with a price target of $515, up from $383. The firm is increased its exposure to the “improving home furnishings theme,” as well as to the higher end of the market. While RH shares have moved up meaningfully in the last few months on the Q3 sales inflection, “this is a longer-term call,” the analyst tells investors in a research note. Barclays sees the company’s sales ramping based on product, pricing and in stock levels, and sees incremental margin opportunities in 2025 with optionality from an improvement in housing.