Goldman Sachs Raises Price Target on Williams-Sonoma (WSM)

Goldman Sachs has raised its price target on Williams-Sonoma WSM from $33 to $36 on higher estimates after strong 3Q2010 results. EPS of $0.35 beat GS's estimate of $0.31 and the $0.26-$0.30 guided range. GS writes, "Our price target is based on risk/reward (relative P/E) and DCF, and embeds some multiple contraction as torrid beats begin to moderate on margins than have recovered sharply, and are approaching normalized levels." WSM is trading at $32.13.