Wedbush Reiterates Neutral on Williams-Sonoma (WSM)
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Wedbush reiterated a Neutral rating and $53.00 price target on Williams-Sonoma (NYSE: WSM) following an email promotions analysis. The analysis indicates higher promotional intensity y/y at the core Pottery Barn (PB) and Williams-Sonoma (WS) brands from 3Q16 to date.
Analyst Seth Basham commented, "Analysis of email promotions in 3Q16 to date indicates much higher promotional intensity y/y at the core Pottery Barn (PB) and Williams-Sonoma (WS) brands. Not only did the frequency of email offers skyrocket to potentially overwhelming levels, but the number of days of “blanket” 20% off entire order promotions also jumped. At the same time, free shipping offers increased and the company recently introduced flat rate furniture shipping. While the company’s 3Q16 guidance embeds only sequentially flattish comps on a two-year stacked basis and a y/y decline in operating margins, more aggressive promotions and a softer demand environment point to more downside than upside risk to our and consensus estimates, in our view."
Shares of Williams-Sonoma closed at $50.28 yesterday.
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