UPDATE: Deutsche Bank Downgrades Williams-Sonoma to Hold on Valuation

In a report published by Deutsche Bank, analyst Mike Baker downgraded Williams-Sonoma

from Buy to Hold and maintained a $49 price target. Deutsche Bank reported that, “Following the solid 4Q12 results and 1Q13 / FY13 guidance, WSM shares rallied to $49.85 (3/20/13 closing price) vs our $49 price target. We are not changing our estimate or price target, and our longer-term view remains positive, but we are downgrading on valuation with neutral upside / downside risk as 2013 is poised to be an investment-year for WSM.” Shares of Williams-Sonoma closed at $49.85 on Wednesday.