UPDATE: Bank of America Downgrades Williams-Sonoma; Lowers PT

According to a research report published today, Bank of America has downgraded Williams-Sonoma Inc.

from Buy to Underperform, and lowered PT from $42 to $33. Bank of America commented in the report, “We are downgrading shares of WSM from Buy to Underperform in light of today's announcements of management changes and a 2012 outlook that was below our estimates. While the company has had gains and continues to make strides, particularly within e-commerce, we feel that risks outweigh gains in the near-term. As such, we believe an Underperform rating is warranted.” Williams-Sonoma is currently trading at $36.02.