Citi Lowers Price Target On Williams Sonoma (WSM)

Citi Investment Research is lowering its price target on Williams-Sonoma, Inc. WSM after the retailer reported earnings last week. It's lowering its price target to $32 from $33. In a research report to clients, Citi Investment Research writes, "WSM reported Q2’11 EPS of $0.31, our est. of $0.22 & the street’s $0.20 on solid top line growth of +15.4%. 2Q’s comps were robust w/ total co +13.6% (Citi at 12%): Williams-Sonoma +8.3%, Pottery Barn +17.3%, Pottery Barn Kids +18.9% & Outlets +8.1%. In light of these positive results and our expectation of continued margin improvement at the company, we are increasing our F11-13 EPS estimates to $1.71, $1.89, and $2.10, respectively, up from $1.49, $1.80, $2.09. We are revising our target price slightly to $32, down from $33." Shares of Williams-Sonoma, Inc. are down 12 cents to $27.91.