UPDATE: Piper Jaffray Reduces PT to $41 on Restoration Hardware Following Quarterly Report

Piper Jaffray reiterated its Overweight rating on Restoration Hardware

but lowered its price target from $42 to $41. Piper Jaffray said, "For investors looking for exposure to housing-related stocks, we recommend RH shares in view of what we believe will be at least mid-20s% earnings growth over the next few years as the company undertakes a unique and seemingly counter-intuitive strategy to improve market productivity by growing its store size. For reasons tied to the common refrain of Sandy and election disruption, shares could be under pressure following the company's absence of FQ4 guidance." Restoration Hardware closed at $36.69 on Wednesday.