UPDATE: Credit Suisse Reiterates On Williams-Sonoma On Strong Brand Momentum & Execution Despite Promotional Environment

In a report published Thursday, Credit Suisse analyst Seth Sigman reiterated a Neutral rating on

, and raised the price target from $68.00 to $75.00. In the report, Credit Suisse noted, “WSM delivered stronger top- and bottom-line results for Q3 despite continuous investments and elevated industry promotional activity. The company showed strong momentum across all brands and channels, execution on multiple growth initiatives, and EBIT margin improvement through effective advertising expense management, which helped offset lower merchandise margins. Looking ahead, we believe WSM remains well-positioned to deliver upside in 2014 and potentially in 2015, at a time when many other retailers are playing catch-up and dealing with the early growing pains of e-commerce. We are raising our estimates for 2014 to $3.19 and for 2015 to $3.64, and our target price goes to $75.” Williams-Sonoma closed on Wednesday at $69.42.