Williams-Sonoma price target raised to $320 from $265 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Williams-Sonoma to $320 from $265 and keeps an Outperform rating on the shares. While the stock could give back some of yesterday’s gains, the firm sees “mounting evidence” that shares should trade at a higher price-to-earnings multiple than it traded at pre-pandemic, pointing to a higher-priced and less promotional business that separates it from mass players, a differentiated assortment with exclusive products that consumers are willing to pay full price for and a mid-to-high teens operating margin.