UPDATE: Oppenheimer Downgrades Williams-Sonoma (WSM) to Perform
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(Updated - October 26, 2016 10:17 AM EDT)
Oppenheimer downgraded Williams-Sonoma (NYSE: WSM) from Outperform to Perform and removed its price target (prior $65.00). Analyst Brian Nagel said difficulties are likely to persist.
"WSM has for a long while represented one of the preeminent omni-channel business models in Hardlines Retail. We continue to look favorably on longer term prospects for WSM. Nearerterm, we are increasingly concerned that ongoing merchandising shortcomings at Pottery Barn are apt to weigh on sales growth, particularly amid a more sluggish spending environment broadly and escalating competition within the home furnishings segment. WSM will report Q3 (Oct.) results in mid-to-late November. Street forecasts for WSM still seem too optimistic. Shares now trade at a multi-year low valuation. That said, we are hardpressed to envision WSM moving meaningfully higher until the chain begins to again consistently top expectations," said the analsyt.
Shares of Williams-Sonoma closed at $46.68 yesterday.
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