UPDATE: JPMorgan Double Downgrades Williams-Sonoma (WSM) to Underweight
JPMorgan downgraded Williams-Sonoma (NYSE: WSM) from Overweight to Underweight with a price target of $46.00 (from $62.00).
Analyst Chris Horvers runs away from his bullish thesis noting operating margins investments are accelerating to drive sales which is "categorically different" from the analysts key pillar for the Overweight rating and is somewhat in line with Horver's thinking for a bear thesis. The analyst suspects the multiple will contract and the equity will remain a "show-me story" until margins stabilize.
For an analyst ratings summary and ratings history on Williams-Sonoma click here. For more ratings news on Williams-Sonoma click here.
Shares of Williams-Sonoma closed at $52.87 yesterday.