Morgan Stanley lifts Williams-Sonoma PT on steady top-line, margin gains

Investing.com11-22 01:16

Investing.com - Morgan Stanley on Thursday raised price target on home furnishing retailer Williams-Sonoma Inc (NYSE:WSM) stock to $170 from $145, citing margins gains and steady top line growth. The ...

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Innovation, particularly in furniture, has been a key driver of top-line resilience, with strong consumer response to new product launches.\nHowever,  Morgan Stanley (NYSE:MS) remained cautious while brokerage maintained an “equal weight\" rating, saying there was limited visibility on earnings.  \nWilliams-Sonoma reported improvement in gross margins in the third quarter, driven by pricing power and operational efficiencies. The company has defied market skepticism about its margins, which stood at 46%, significantly above 2019 levels of 36%.\n“Steady top-line and continued margin strength show WSM delivering against their plan and disproving the bear case. Margins may still fluctuate in the future, and a recovery timing is unclear,” Morgan Stanley analysts said.\nHowever, Morgan Stanley flagged concerns about limited earnings visibility, given a potentially prolonged weak consumer environment and the retailer's significant exposure to China tariffs, which pose a medium-term risk.\nThe analysts also pointed to inefficiencies in Williams-Sonoma’s supply chain and shipping network, suggesting room for further margin expansion in the long term. Still, any near-term margin gains in the fourth quarter are expected to be reinvested in advertising to support sales.\nMorgan Stanley sees ~3% downside to its $170 price target and a more significant downside risk of 45% under its bear case scenario, compared to a 20% upside in its bull case.\nRelated Articles\nMorgan Stanley lifts Williams-Sonoma PT on steady top-line, margin gains\nU.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.82%\nUS watchdog issues final rule to supervise Big Tech payments, digital wallets","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485410642"}