Jefferies Cuts Price Target on Williams-Sonoma (WSM) to $56 Following 2Q
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Jefferies maintained a Hold rating on Williams-Sonoma (NYSE: WSM), and cut the price target to $56.00 (from $57.00), following the company's 2Q earnings report. EPS of $0.58 came in line with the Street’s estimate. Comparable brand sales were +0.5%, well below the Street estimate for +2.8%. The company noted a softening retail environment due to softer consumer spending in the category and slower mall traffic.
Analyst Daniel Binder commented, "Q2 EPS came in in line with estimates, but reflected strong cost controls as sales came in light of expectations. All brands but West Elm were either about flat or down as management points to softer consumer spending in the category. Promotions in the industry remain high, but management noted merchandise margins are only down slightly and selling margin was flat (ex global) as supply chain and inventory provided a positive offset."
Shares of Williams-Sonoma closed at $54.14 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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