The security could also benefit from a short squeeze
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.
Image and article originally from www.schaeffersresearch.com. Read the original article here.