UPDATE: J.P. Morgan Lowering Price Target On Williams-Sonoma

J.P.Morgan Chase & Co. is out with a research report on Williams-Sonoma, Inc. WSM and is lowering its price target to $37 from $41, but is keeping its Neutral rating on shares. In a note to clients, J.P.Morgan Chase & Co. writes, "We believe today's results and guidance unfortunately put WSM into the “macro bucket” – a place where stocks whose earnings are more dependent on economic trends than company-specific drivers sit and wait for an indication from the environment (LOW, SPLS, and TGT all welcome you with open arms). Looking back on the sales line, 2009 and 2010 consisted of WSM recapturing the significant deterioration in comps in 2008 (down 17%) as the high-end consumer spent again and WSM adjusted its assortment to the brave new world of a value-focused consumer." Shares of WSM lost 59 cents yesterday to close at $29.44, a loss of 1.96%.