RH

RH · NYSE

$119.74+$5.71 (+5.01%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $114.03

RH analyst rating

HoldConsensus of 15 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy6
Hold6
Underperform3
Sell0

12-month price target · 20 analysts

Average $161.23 (+34.6% upside)

Low: $81.81
Now: $119.74
High: $220.50

Upgrades and downgrades

The latest rating actions, newest first

RH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Oct 20, 2026	Maintains	Neutral	$164.00 → $140.00	59%
Stifel	Sep 28, 2026	Maintains	Hold	$130.00 → $120.00	26%
Morgan Stanley	Sep 11, 2026	Maintains	Overweight	$240.00 → $210.00	61%
BNP Paribas	Sep 11, 2026	Maintains	Underperform	$90.00 → $81.00	56%
Telsey Advisory Group	Sep 11, 2026	Maintains	Market Perform	$140.00 → $155.00	50%
JP Morgan	Sep 11, 2026	Maintains	Overweight	$212.00 → $190.00	64%
TD Cowen	Sep 11, 2026	Maintains	Buy	$220.00 → $190.00	54%
Wells Fargo	Sep 11, 2026	Maintains	Overweight	$225.00 → $175.00	57%
UBS	Sep 11, 2026	Maintains	Neutral	$155.00 → $154.00	70%
B of A Securities	Sep 11, 2026	Maintains	Underperform	$156.00 → $114.00	66%

The case for and against

Updated Oct 14, 2026

Bull case

RH is well positioned for a favorable fundamental outlook because RH Estates and new gallery placements are broadening the assortment into a larger, higher-margin addressable market, with 2H Estates revenue guided at $85mm and an implied path toward $323mm in FY27. Management’s ability to drive demand through Greenwich, NYC, and the November sourcebook, plus London’s strong early traction, supports acceleration in the back half of FY26 and into FY27, while international expansion and the World of RH digital platform extend the growth runway beyond core home furnishings. Even with near-term SG&A and supply-chain pressure, the company’s exit from a heavy investment cycle, improving operating leverage, and potential for 25% to 28% FY30 EBITDA margins suggest meaningful upside in profitability and market share.

Bear case

RH is facing a fundamentally strained setup as 2Q adjusted EBIT margin of 13.1% was flattered by 590bps of IEEPA refunds, while ex-refund margin fell to 7.2%, down 780bps year over year and well below the stronger headline result. Gross margin ex-refund also weakened to 42.3% from 48.2%, SG&A rose 16.6% to $323.6MM and consumed 35.1% of sales, and management still needs roughly $200mm of the $250mm asset-sale guide in 2H to support results. The outlook is further pressured by high-end consumer exposure, leverage, housing sensitivity, supply-chain and vendor risks, and execution uncertainty around Next Generation Design Galleries and the trade-program changes needed to compete for designer business.

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