As previously reported, Telsey Advisory downgraded Williams-Sonoma to Market Perform from Outperform, as analyst Cristina Fernandez said the company is fighting a more competitive environment and softer consumer spending by aggressively increasing promotions to maintain share. The analyst is surprised by the high level of promotions at West Elm and said some real estate contacts have noted softening store sales in December. The analyst, who also said the turnaround at Pottery Barn could take longer and sees limited margin expansion in 2017, decreased her price target on the stock to $51 from $61.