Oppenheimer Comments On Williams Sonoma Following Upbeat Management Meeting

Oppenheimer recently met with Williams-Sonoma WSM senior management at the company's headquarters in San Francisco. Oppenheimer came away from this event even more upbeat on near and longer term prospects for the company and its shares. Management did not comment on sales trends since the company's Q3 report in mid-Nov. Concerns over a "seemingly more cautious tone" from WSM weighed on shares in the days following the company's Q3 report. Management reiterated clearly for us that they in no way intended to signal a more downbeat view of their business. WSM continues to take market share and remains very well positioned to capitalize on its efforts to drive stronger online sales. Oppenheimer views the WSM story as misunderstood and under-appreciated by investors. Oppenheimer has an Outperform rating and $42 PT on WSM WSM closed Monday at $34.11