UPDATE: Bank of America Upgrades Williams-Sonoma to Buy on Growth Drivers, Housing Tailwind

Bank of America raised its rating on Williams-Sonoma

from Underperform to Buy and increased its price objective from $35 to $50. Bank of America said, "Justifying its higher investments of the last two years, multiple new brand and product growth drivers – arguably the most innovation seen from the company since West Elm was launched in 2003 - are starting to become visible and we believe can increasingly be leveraged as new businesses begin to contribute. With housing also becoming a tailwind, we expect earnings growth to accelerate in the next two years, with EPS growth forecast at 13% and 15% in 2013 and 2014, respectively." Williams-Sonoma closed at $43.23 on Friday.