UPDATE: Goldman Sachs Raises PT to $35 on Restoration Hardware Following Q3 Results

Goldman Sachs reiterated its Neutral rating on Restoration Hardware

while raising its price target from $34 to $35. Goldman Sachs commented, "RH delivered 3Q2012 results that slightly exceeded our forecasts, with better retail SSS and tight cost controls more than offsetting softer-than-expected gross margin trends. Adjusted EPS of $0.07 exceeded our estimate of $0.03 and consensus of $0.04. … We continue to believe that RH is undergoing a three-pronged transformation, in merchandising (up-market and greater breadth); multichannel (channel agnostic, rapid online growth); and, real estate (closing small stores, opening fewer, larger units)." Restoration Hardware closed at $26.69 on Wednesday.