On June 11, RH surged 9.9% in after-hours trading to $173.21 per share, with turnover of $5.27 million. The sharp move higher came immediately following the release of the company's fiscal first-quarter earnings report after market close.

Heading into the print, analyst sentiment was notably bearish. UBS Securities had issued a report stating that Q1 results were unlikely to instill confidence that an inflection in the company's top and bottom line was underway, citing the delayed full launch of RH Estates and the potential for forward estimates to move lower. UBS projected Q1 sales to decline 3% and warned that if RH lowered its sales growth and margin outlook, fiscal-year EPS could fall to a range of roughly $3.50 to $5.10, well below the then-consensus of $5.25. The firm had also reduced its price target to $155 from $160 while maintaining a neutral rating. The consensus mean target stood at $144.73 with an average hold rating. The significant after-hours rally suggests the reported results exceeded the low bar set by the analyst community ahead of the release.

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