RH模型更新；目标价212美元

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

14 August 2026

RH

Overweight

RH, RH US

Price (13 Aug 26):$179.56

Model Update; $212 PT

▼Price Target (Dec-26):$212.00

Prior (Dec-26):$225.00

We are adjusting our estimates to reflect 4Q25 EPS, 1Q26 EPS, and 2026 guidance

(see Figure 2 for details). As a result, our updated 2Q, 2026, and 2027 EPS forecasts

are $0.96, $4.31, and $9.02, respectively (vs. Street at $0.39, $4.85, and $9.42). Our

2026 price target of $212 is based on ~24x P/E and equivalent to ~8x EV/EBITDA

on our 2027 forecasts.

Retailing – Broadlines & Hardlines /

Leisure

Christopher Horvers, CFA AC

(1-212) 622-1316

Jolie Wasserman

(1-212) 622-1961

Christian Carlino, CFA

(1-212) 622-9145

J.P. Morgan Securities LLC

Key Changes (FYE Jan)

Prev

9.38

11.62

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Cur Δ

4.31 -54.0%

9.02 -22.4%

Quarterly Forecasts (FYE Jan)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

0.13

2.93

1.71

1.53

6.29

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.