UPDATE: BofA Securities Upgrades Williams-Sonoma (WSM) to Neutral
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BofA Securities analyst Curtis Nagle upgraded Williams-Sonoma (NYSE: WSM) from Underperform to Neutral with a price target of $180.00 (from $100).
The analyst comments "We are upgrading Williams-Sonoma (WSM)to Neutral after strong 1Q results and our belief that earnings growth holds in longer than previously expected and key competitive advantages such as WSM’s scale, superior supply chain and ability to cross sell across four large and well-known brands will drive share. We raise estimates and our PO goes to $180 on 15x EPS (was $100 on 12x). We believe a multiple slightly higher than WSM’s five year average of 14x is warranted on significantly higher operating earnings and cash flow than in the past."
Shares of Williams-Sonoma closed at $169.54 yesterday.
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