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Roth Capital Upgrades Restoration Hardware

Roth Capital upgraded Restoration Hardware (RSTO) to buy from neutral.

Analyst Paula Kalandiak says the upgrade is based on recent channel checks indicating strong customer response to the company's new product offering, which features a mix of higher-margin product than in the past. She believes the company has been successful in accomplishing its plan to remodel and refixture about 90% of its stores by the end of July. She believes new merchandise offering will generate higher gross margins and result in fewer markdowns.

Kalandiak raises 35 cents fiscal year 2007 (January) EPS estimate to 40 cents to reflect a more optimistic outlook regarding Restoration Hardware's future earnings potential. She raises $6.30 price target to $10.00.

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