UBS upgraded Williams-Sonoma (WSM) to Neutral from Sell with a price target of $165, up from $140. The company has demonstrated that its transition to a full-priced operating model is improving the durability of its margin profile, the analyst tells investors in a research note. The firm says this has resulted in less market share pressure than anticipated. Further, Williams-Sonoma set forth guidance that is realistic, taking into account margin pressure from tariffs and other more transitory components, contends UBS. The firm now believes some of the excess priced into shares has been removed.
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