Williams-Sonoma price target raised to $250 from $230 at KeyBanc

KeyBanc raised the firm's price target on Williams-Sonoma to $250 from $230 and keeps an Overweight rating on the shares. The firm notes economic indicators remain mixed as a slowdown in hiring pace, accelerating inflation, and higher interest rates with a more-hawkish Fed are partially offset by slight improvement in consumer confidence, moderating gas prices, stock market wealth effect, and higher tax refunds. KeyBanc expects spending to remain K-shaped and sees risk in the second half of the year from gas prices, moderating wage growth, and higher interest rates, and is concerned rising rates may delay a housing and big-ticket discretionary spending recovery. The firm remains positive on idiosyncratic market share stories.