RH reported mixed second-quarter fiscal 2026 results, beating Wall Street's adjusted earnings estimate while missing its revenue forecast. Adjusted earnings were $2.70 per share versus the $1.78 consensus, while revenue rose 2.6% year over year to $922.15 million, below the $936.25 million estimate. Shares climbed as much as 9% in premarket trading before trading at $136.52, up 1.87%, at publication. Analysts revised targets in both directions while largely maintaining their ratings. Wells Fargo cut its target to $175 from $225 with an Overweight rating, TD Cowen lowered its target to $190 from $220 with a Buy rating, UBS reduced its target to $154 from $155 with a Neutral rating, and BofA Securities cut its target to $114 from $156 while retaining Underperform. Guggenheim maintained a Buy rating and $200 target, raising its fiscal 2026 revenue estimate to $3.629 billion-$3.680 billion and adjusted EPS forecast to $5.22-$6.99. RH narrowed its fiscal 2026 sales guidance to $3.629 billion-$3.681 billion from $3.594 billion-$3.715 billion, broadly in line with the $3.631 billion consensus. The company expects revenue growth to accelerate from 5%-6% in the third quarter to 16.1%-21.2% in the fourth quarter, helped by RH Estates, backlog reduction, new galleries and other initiatives. RH says Estates could potentially double its total addressable market and represent about half of its offering within five years, making the collection central to the debate over whether growth will accelerate sustainably or receive only a temporary lift from backlog conversion and new-product demand. Elevated mortgage rates remain a key risk to demand for big-ticket furnishings.