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Wells Fargo downgrades Williams-Sonoma (WSM +0.6%) and cuts its target price to $34-$37 from...

Wells Fargo downgrades Williams-Sonoma (WSM +0.6%) and cuts its target price to $34-$37 from $42-$44 after the retailer delivered weak guidance. The firm likes WSM's high mix of direct sales and private label, plus its big customer database and sophisticated marketing, but is wary of recent management changes and "incremental investments" that will pressure earnings growth.
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