Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023.
RH after the closing bell on Thursday forecast third-quarter revenue of $740 million-$760 million, below the average Wall Street analyst estimate of $772.87 million according to LSEG data.
RH's stock fell more than 15% to $312.95, its biggest daily drop since March 2020.
Multiple analysts, including from Citigroup, UBS and Wedbush, slashed their price targets for RH's shares following the report.
The median Wall Street price target for RH's shares is $340 with a current recommendation of "Hold," LSEG data showed.
Persons:
Brendan McDermid, Gary Friedman, Jonathan Matuszewski, Chibuike Oguh, Lance Tupper, Mark Porter
Organizations:
New York Stock Exchange, REUTERS, Citigroup, UBS, Wedbush, JPMorgan, Jefferies, Thomson
Locations:
New York City, U.S, United States, New York