Here are the biggest calls on Wall Street on Thursday
Bank of America said in its double upgrade of the home furnishing company that it sees "higher" revenue growth and "less risk" to margins.has further upside on stronger product momentum, price hikes and less macro risk then had assumed, we upgrade RH to Buy... We believe a higher multiple is warranted on higher revenue growth and less risk to margins. While we still see several LT risks, at least through the rest of this year, we see more levers for up than downside.
"Despite ~10% correction in the stock since the June Q report, we find it prudent to downgrade and move to the sideline until we are convinced EPS CAGR can exceed S&P 500. Until then, we simply cannot justify re-rating. We have always been a fan ofgiven the company's long standing tradition of prioritizing organic R&D and thus innovation.
"While we continue to believe end market demand remains poor, Japan's shift in its treatment of material exports to Korea has created greater uncertainty around future NAND supply, with this shift in sentiment having currently halted and reversed NAND pricing trends."
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