Williams-Sonoma Stock Looks Poised for a Rebound

The stock could overtake its recent highs

Digital Content Manager
Feb 1, 2024 at 2:39 PM
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Williams-Sonoma, Inc. (NYSE:WSM) stock has distanced itself from its Jan. 24, two-year high of $212.52, though it was last seen up 1.9% at $197.02. Shares still boast a 40.9% year-over-year lead, too, while support from the $190 level looks ready to keep any additional losses in check, as it did back in January and December. Plus, WSM's latest dip has placed it close to a historically bullish trendline that could help it move higher once again.
 
According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Williams-Sonoma stock is within one standard deviation of its 60-day trendline. The security saw six similar signals in the last three years, defined for this study as having traded north of this trendline 80% of the time in the last two months, and in eight of the past 10 trading days.
 
WSM 60 Dya
 
Shares moved higher one month later in 67% of those instances, with an average 9.5% gain. A move of similar magnitude from its current perch would place WSM above $215 for the first time since November 2021.
 
The security also looks ripe for a short squeeze. The 7.30 million shares sold short now account for 12.2% of WSM's available float, or more than seven days' worth of pent-up buying power.
 
There's room for shift in analyst sentiment in the forms of upgrades and/or price-target hikes, too. In fact, 15 of the 20 firms in coverage call the security a tepid "hold" or worse, while the 12-month consensus target price of $180.17 is an 8.5% discount to current levels.
 

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