Two days ahead of Williams-Sonoma, Inc. (NYSE: WSM) earnings, Barclays maintained its Underweight rating on the company's shares. The brokerage also maintained its price tag of $45.
Analyst Mathew McClintock believes that there existed a downside risk as far as Williams-Sonoma comps and revenue were concerned. For the second quarter, the analyst expects the company to achieve revenue of $1.16 billion with 3 percent comp growth. The company has provided an outlook of $1.15 -0 $1.18 billion for the same period.
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"Sinking Shipping has been a substantial uptick in free shipping activity across WSM brands, which could boost sluggish product sales trends. Census data indicate the Furniture & Home Furnishings industry was up 2.7% y/y for May-July, marking the worst quarterly performance since 4Q13 and a substantial sequential deceleration from 6.6% in 1Q16. We believe there is an industry shift to the value channel," the analyst told clients in a note.
The brokerage is bearish on shares pointing out the risk in valuation. The analysts thinks the current valuation multiple could de-rate if the investors opted to question the structural challenges.
The stock traded up by $0.35, or 0.67 percent, to $52.93.
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