Williams-Sonoma (WSM) PT Lowered to $225 at Cowen

Cowen analyst Max Rakhlenko lowered the price target on Williams-Sonoma (NYSE: WSM) to $225.00 (from $245.00) while maintaining an Outperform rating following results.

The analyst commented, "Stronger than expected FY22 guidance of revs +MSD to +HSD and flattish margins, positive QTD commentary, and new $1.5bn share authorization are positives. Valuation is attractive at 10x into EPS with 7.5% FCF field (Cowen est.), and we believe WSM is well positioned to outperform long-term sales and margin expectations driven by underappreciated higher-margin new businesses and channel mix shift."

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