Wedbush upgraded Williams-Sonoma to Outperform from Neutral with a price target of $230, up from $175. Home furnishings demand weakened last year amid spiking interest rates, falling existing home sales, the shift in consumer spending to services, and the unwinding of pulled forward demand during the pandemic, but several of these issues are bottoming or reversing, the analyst tells investors in a research note. The firm says this should lead to stronger demand in 2024 for Williams-Sonoma. In addition, the company has multiple margin tailwinds that will drive $1.00-plus in earnings improvement, contends Wedbush. The consensus is once again underestimating Williams-Sonoma’s operating margin potential, says the analyst.
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