Williams-Sonoma (WSM) PT Raised to $240 at Cowen; Top Pick Into Earnings

November 12, 2021 6:06 AM EST
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Price: $183.03 +3.13%

Rating Summary:
    11 Buy, 24 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 18 | New: 45
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Cowen analyst Max Rakhlenko raised the price target on Williams-Sonoma (NYSE: WSM) to $240.00 (from $220.00) while maintaining an Outperform rating, calling it a Top Pick into earnings.

"WSM is our pick into earnings as we see greater upside to Street's 3Q and FY21 estimates,and like a beat and raise set-up," Rakhlenko commented.

He added, "Shares have had a strong quarter, increasing +18% since2Q21 EPS, as valuation expanded +1x turn to 16x. 3Q Street estimates appear conservative, especially in light of strong industry data, and we raise 3Q21 sales to $2.03bn, +15% Y/Y,and +2.9% ahead of Street. We raise 3Q EPS estimate to $3.26, +6% ahead of Street's $3.08,and 4Q to $4.33, +3.7% ahead of Street. We do think the buy side is ahead of the sell side, which may result in a more muted stock reaction on strong results."



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