UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Williams-Sonoma on Double-Digit E-Commerce Growth

In a report published Monday, Canaccord Genuity reiterated its Buy rating on Williams-Sonoma

, and raised its price target from $55.00 to $57.00. Canaccord Genuity noted, “ WSM's market-leading e-commerce segment drives its growth, and we project it will grow at a five-year CAGR of 14% vs. 4% growth in the retail segment. In our view, the threat of Amazon is not as great as perceived, as our cross checks show AMZN's average discount to be less than 1%. We expect WSM to continue to protect its dominant position online through greater product exclusivity and more effective marketing. The company has taken a more-aggressive approach to free shipping, and we believe there are multiple levers to offset the margin impact.” Williams-Sonoma closed on Friday at $45.26.