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Raymond James Downgrades Williams-Sonoma

Raymond James downgrades Williams-Sonoma (WSM) to market perform from strong buy.

Analyst Budd Bugatch says while he believes Williams-Sonoma stock has near-term appreciation potential into the mid-$40s over the next several quarters, now at 23.7 times his next four quarter earnings-per-share estimate, (vs. 23 times historical five-year median forward multiple), the case for new capital commitment is now less compelling.

Bugatch sees 23 cents third-quarter earnings per share to be reported on Nov. 18. He says given weakness reported in October furniture and furnishings sales, and the disruption caused by hurricanes in Florida during September, a sales number near the midpoint of the 2% to 4% guidance range seems reasonable, vs. his original 4% estimate.

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