RH price target lowered to $180 from $225 at Wells Fargo

Wells Fargo lowered the firm’s price target on RH (RH) to $180 from $225 and keeps an Overweight rating on the shares. The firm says RH shares should trade lower, as each key metric fell short of buy side expectations with no sign of slowing investment. While leverage/inventory/free cash flow all improved, second half of the year re-acceleration expected and newness coming, Wells believes “we’re in a tape with little appetite for uncertainty as long as war/oil/rate fears linger.” As the smoke clears, the 2026 bar is low with snapback potential, but patience is required, it adds.