Jefferies upgraded Arhaus to Buy from Hold and raised its price target to $10 from $9.50, implying roughly 28% upside from Friday's close. Shares rose more than 10% on Monday after analyst Jonathan Matuszewski cited stronger online engagement, expanded semi-annual catalog circulation and an early business-to-business strategy as potential drivers of a recovery. Arhaus.com visits climbed 104% year over year last month and 107% in the first half of September, while traffic more than doubled over the past four weeks. Jefferies estimates the catalog expansion could lift comparable sales by 75 to 200 basis points in 2027, assuming modest conversion among newly reached households, and says the B2B initiative could add an annual 150 to 200 basis-point tailwind beyond Street estimates. The stock remains down nearly 31% year to date amid pressure on discretionary spending and sector margins. Leadership has separated marketing and e-commerce oversight, with a Chief Marketing Officer appointed and a Chief Digital Officer expected to be named in the coming months. The upgrade contrasts with a cautious analyst split: seven of 15 analysts tracked by LSEG rate Arhaus Buy or Strong Buy, while eight rate it Hold.