Merriman Capital Reiterates Buy On Williams-Sonoma Inc. (WSM)

Merriman Capital is out with a research report on Williams-Sonoma Inc.

and is reiterating its Buy rating with a price target range of $44-$47. In a note to clients, Merriman Capital writes, "The company's F2Q11 results were $0.01 above Street expectations but missed our estimate by a $0.01. We are trimming our FY11 EPS estimate from $2.28 to $2.24 and our FY12 EPS estimate from $2.58 to $2.53. F3Q11 is off to a healthy start and the high-end consumer is holding up thus far. We would be buyers on weakness as we find shares attractively valued trading at 11.6x our new FY12 EPS estimate; we are lowering our price target range from $44.00-47.00 to $43.00-46.00 using the same 17-18x multiple on our new estimates (historical multiple is 20-21x)." Shares of WSM lost 59 cents yesterday to close at $29.44.