UPDATE: Wedbush Raises PT on Williams-Sonoma on Strong 3-Year Outlook
Wedbush maintained Williams-Sonoma (NYSE: WSM) with a Neutral rating and raised the price target from $44 to $47.
Wedbush analyst Joan Storms noted, "We were encouraged that the company provided a positive new three-year outlook for the first time. Over the next three years, the company expects revenue growth in the mid- to high-single digits and EPS growth in the low-double digits to mid-teens, which according to 2013 guidance implies an acceleration of the business into 2014 and 2015. Also announced was a new $750 million share repurchase program and 41% dividend boost to $0.31/share quarterly."
Williams-Sonoma closed at $45.21 on Tuesday.
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