Wells Fargo analyst Zachary Fadem raised the firm’s price target on Williams-Sonoma to $290 from $240 and keeps an Equal Weight rating on the shares following quarterly results. Considering quarter-over-quarter comp improvement, sustaining positive double digits percentage margins and inline 2024 outlook, Williams-Sonoma’s outperformance shouldn’t surprise, the firm says. The 2024 guide likely has wiggle room, but to argue for more upside, Williams-Sonoma needs to break historical price to earnings peaks, Wells adds.
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