Goldman Sachs Downgrades Williams-Sonoma (WSM) to Sell
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Goldman Sachs analyst Kate McShane downgraded Williams-Sonoma (NYSE: WSM) from Neutral to Sell with a price target of $154.00 (from $193.00).
The analyst comments "Despite the supply chain disruptions that persisted for most of 2020 and carried well into this year, Williams-Sonoma has outperformed our and consensus expectations on the top-line, driven by elevated demand trends from a robust housing market and a bigger share of wallet devoted to the home furnishings category. Further, WSM margins have benefited significantly from the absence of promotions, as supply remains constrained and demand is elevated. With compares more difficult for WSM than other hardlines peers, and with the likely return of promotions in 2022 as supply/demand becomes more in balance, we think consensus estimates for 2022 could be too high after analyzing recent gross margin drivers and performing a sensitivity analysis. We therefore downgrade WSM to Sell from Neutral with a revised price target of $154, which implies 3% downside compared to 6% upside on average for our Specialty Hardlines coverage."
Shares of Williams-Sonoma closed at $158.93 yesterday.
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