Williams-Sonoma (WSM)

• Market cap: $17.5B
• Sector: Consumer Discretionary
• Industry: Home Furniture, Furnishings & Equipment Stores

About: With a retail and direct-to-consumer presence, Williams-Sonoma is a player in the $300 billion domestic home category and $450 billion international home market, focused on expanding its exposure in the B2B ($80 billion total addressable market), marketplace, and franchise areas. Namesake Williams-Sonoma (156 stores) offers high-end cooking essentials, while Pottery Barn (184) provides casual home accessories. West Elm (121) is an emerging concept for young professionals, and Rejuvenation (11) offers lighting and house parts. Brand extensions include Pottery Barn Kids and PBteen (45) as well as Mark & Graham and Greenrow. Williams-Sonoma also has a business-to-business team that supports projects that range from residential to large-scale commercial.

Employees: 19,300

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

16% more first-time investments, than exits

New positions opened: 111 | Existing positions closed: 96

2% more funds holding

Funds holding: 785 [Q1] → 800 (+15) [Q2]

0.39% more ownership

Funds ownership: 96.54% [Q1] → 96.93% (+0.39%) [Q2]

11% less repeat investments, than reductions

Existing positions increased: 273 | Existing positions reduced: 306

11% less capital invested

Capital invested by funds: $19.6B [Q1] → $17.4B (-$2.13B) [Q2]

28% less call options, than puts

Call options by funds: $288M | Put options by funds: $401M

31% less funds holding in top 10

Funds holding in top 10: 26 [Q1] → 18 (-8) [Q2]

Research analyst outlook

13 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $116 16% downside
• Avg. target: $151 9% upside
• High target: $170 23% upside

13 analyst ratings

• positive: 9 69%
• neutral: 3 23%
• negative: 1 8%

Telsey Advisory Group Cristina Fernandez 58% 1-year accuracy 11 / 19 met price target	19% upside $165	Outperform Maintained	11 Oct 2024
TD Cowen Max Rakhlenko 89% 1-year accuracy 8 / 9 met price target	15% upside $160	Buy Maintained	16 Sept 2024
Jefferies Jonathan Matuszewski 60% 1-year accuracy 3 / 5 met price target	13% upside $156	Buy Upgraded	11 Sept 2024
RBC Capital Scot Ciccarelli 67% 1-year accuracy 43 / 64 met price target	6% upside $147	Outperform Maintained	23 Aug 2024
Telsey Advisory Group Cristina Fernandez 58% 1-year accuracy 11 / 19 met price target	19% upside $165	Outperform Maintained	23 Aug 2024