TD Cowen reiterates Buy on Restoration Hardware stock ahead of Estates launch

TD Cowen has maintained a Buy rating and set a $220.00 price target on Restoration Hardware (RH) stock before three September events tied to the company’s Estates collection introduction. The shares are presently priced at $149.15, a 17% decrease throughout the year, with earnings slated for the following day on September 3. According to InvestingPro analysis, RH is presently undervalued, and additional details are accessible through extensive Pro Research Reports covering more than 1,400 US equities.

The Greenwich, Connecticut-based RH Estates gallery is set to open on September 10. The company will disclose second-quarter earnings and is anticipated to unveil initial demand figures for Estates and updates on RH London. RH will roll out Estates products to high-end galleries throughout September, although some openings could be postponed.

TD Cowen emphasized that the Estates launch will be vital to RH’s medium-term future, as the Greenwich opening will serve as the initial major catalyst, with investor interest being monitored closely as the collection targets the classic furniture sector. The location is expected to offer a robust indicator of interest due to the area’s demographics.

TD Cowen stated that the next catalyst will be management's remarks during the earnings call, followed by a wider product rollout across top stores in September and October.