ARHS - Arhaus given high marks at Jefferies for sizable backlog product extensions

Arhaus (ARHS +9.6%) shares soar as Jefferies reiterates its Buy rating on the furniture company's stock after a meeting with company executives. “We walk away with increased comfort that the retailer’s sizable backlog of customer deposits will translate into recognized revenue,” writes analyst Jonathan Matuszewski. He is "incrementally upbeat" that Arhaus will use "pricing as a lever." The company has not included any price hikes in its internal models for 2022 and 2023, according to the analyst. Additionally, reduced promotional levels and new offerings in outdoors categories, and potentially teens and kids, contribute to Matuszewski's positive view of the stock. Jefferies holds a $16 price target on the stock compared to the analyst average of $15.13.

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Arhaus given high marks at Jefferies for sizable backlog, product extensions