ARHS

Arhaus downgraded to Neutral at BofA on softer 2024 outlook

As previously reported, BofA analyst Robert Ohmes downgraded Arhaus (ARHS) to Neutral from Buy with a price target of $11, down from $15, to reflect a lower Q4 and 2024 outlook on soft demand trends after the company reported Q3 EPS, sales and adjusted EBITDA below the firm’s forecasts. Despite a more positive long-term outlook supported by the company’s growing brand awareness, new product introductions, and the ability to double its full-sized gallery footprint, the firm thinks uncertainty around the return of consumer demand in home furnishings, and an uncertain customer response to a shift to more volume promos, could limit share appreciation in the near-term.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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