Williams-Sonoma price target raised to $145 from $136 at JPMorgan

JPMorgan analyst Christopher Horvers raised the firm’s price target on Williams-Sonoma (WSM) to $145 from $136 and keeps a Neutral rating on the shares as part of a Q3 earnings preview ahead of the November 20 report. The firm lowered its Q3 estimate comp to negative 4.1%, which is worse than the Street’s down 3.5%, but above the buy-side expectations of down 5% based on JPMorgan’s work. That said, analyst’s earnings per share forecast is above the Street at $1.80. JPMorgan sees “soft industry trends and discrete headwinds,” but says Williams-Sonoma’s ongoing margin efficiencies could lead to an earnings beat.