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Bank of America double upgrades RH, risks have flipped to the upside

Key Points
  • Bank of America Merrill Lynch double upgraded RH, formerly known as Restoration Hardware, to a buy rating from underperform and hiked its price target to $165 from $85. 
  • The firm's research strategist Curtis Nagel said some of his key concerns about RH have been resolved.
  • RH has been in the process of a transforming itself into a high-end luxury brand.
Pedestrians pass a Restoration Hardware store in New York.
Victor J. Blue | Bloomberg | Getty Images

Downside risk has flipped to the upside for RH, according to Bank of America Merrill Lynch.

The firm double upgraded RH, formerly known as Restoration Hardware, to a buy rating from underperform and hiked its price target to $165 from $85.