RBC Raises Williams-Sonoma’s Price Target

Williams-Sonoma received a price-target increase Thursday from RBC Capital Markets while shares were also rising in the pre-market session following the home-products retailer’s late-Wednesday report of better-than-expected fiscal Q2 earnings and Q3 guidance that came in line with Street views. The new price target from RBC is $50 per share, up from $49 and above the stock’s Wednesday closing price of 43.40. The shares were up 7.1% at $46.50 in recent Thursday pre-market trading on the Q2 earnings beat.

For the quarter ended July 30, Williams-Sonoma, whose brands include its namesake as well as Pottery Barn and West Elm, reported earnings per share of $0.61, up from $0.58 a year earlier and topping analysts’ mean estimate according to Capital IQ of $0.59. Revenue rose to $1.20 billion from $1.16 billion in the year-earlier period, matching analysts’ mean estimate. Comparable-brand revenue rose 2.8%, much stronger than the year-earlier period’s growth of 0.6%, and surpassing analysts’ mean estimate for a 2.7% increase.

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