Williams-Sonoma price target raised to $165 from $140 at Wells Fargo

Wells Fargo raised the firm’s price target on Williams-Sonoma (WSM) to $165 from $140 and keeps an Equal Weight rating on the shares. The firm notes shares are squeezing higher via negative sentiment/positioning, better versus feared Q3 comps, and yet another big profit beat. Industry and Williams-Sonoma trends remain negative and the rally looks stretched at 20-times price to earnings, Wells adds.