Jefferies upgrades Arhaus on improved brand-visibility efforts
US home furnishings retailer Arhaus gains 3.5% to $8.06 in premarket trading.
Jefferies upgrades its rating on the stock to buy from hold and hikes its price target to $10 from $9.5, implying a 28.4% upside to the stock's last close.
The brokerage said it is upgrading on "newfound optimism on the retailer's strategy to elevate brand awareness via broadened catalog circulation and digital marketing stemming from site traffic up >100% y/y the past 4 weeks".
The company beat Q2 revenue estimates in August.
Up to the last day's close, shares were down 27% year to date.
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