Piper Jaffray Reiterates Overweight Rating, $41 PT on Restoration Hardware Holdings on Trimmed Estimates

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In a report published Wednesday, Piper Jaffray analyst Neely J.N. Tamminga reiterated an Overweight rating and $41.00 price target on Restoration Hardware Holdings
RH
. In the report, Tamminga noted, “We are lowering our estimates for Q4 and 2013 given the potential impact to consumer spending as citizens' fears transition from the ‘fiscal cliff' to the ‘sequester'. While we expect RH's upper-income customer base to largely retain its capacity to spend, we believe some purchases are at risk to be delayed. Quarter-to-date trends could be especially bleak; with transactions over $10,000 representing more than a third of RH's revenue, customers may be postponing that weekend trip to Restoration Hardware until after sitting down with the family accountant. Over 12 months, we continue to favor RH given its innovative sourcing strategy and a favorable housing cycle.” Restoration Hardware Holdings closed on Tuesday at $35.79.
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Posted In: Analyst ColorReiterationAnalyst RatingsPiper Jaffray
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