Brazilian Retailers "UBS Shopping Cart: Eli Lilly's Retatrutide; Desenro..."

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Brazilian Retailers "UBS Shopping Cart: Eli Lilly's Retatrutide; Desenro..."

quarter, which is at the heart of why the market has been willing to bestow a

premium valuation. See full report here.

Wiliiams-Sonoma, Inc: This Dinner Party Is Still On

Overall, WSM continues to string together a track record of solid top-and-bottom

line performances amidst a choppy backdrop. Its comp momentum remains robust

across the various pieces of its business. It didn't flag a wavering consumer QTD or

point to tougher compares ahead as potential warning signs. In this sense, this print

probably stood out relative to several others in Retail. Plus, its gross margins appear

more durable than feared, at least for now. Notably, it isn’t banking on any macro

improvement to achieve its outlook. We think the optimists are viewing the

potential for lower oil prices or tariffs to usher in upside optionality later this year.

Altogether, this should be a positive for sentiment. At the end of the day, though, we

expect FY'26 EPS estimates to remain pretty stable. Higher fuel costs are likely to

offset some of the 1Q outperformance. We only move our FY'26 EPS up by about 1%.

See full report here.

Ralph Lauren Corp: Very Solid 4Q26 Report; Raise PT, and Reiterate Buy Rating

We see RL outperforming over the NTM due to positive EPS surprises which should

drive upward revisions to sell-side EPS estimates and P/E expansion. We believe

EPS beats will cause the market to better appreciate the transformational changes

RL has made to its brand image, distribution model, and cost structure. RL's 4Q26

report increases our conviction in this view. Finally, we believe the stock looks

inexpensive at ~18.5x FY2e EPS based on our ~14% 5-yr. EPS CAGR and see a

favorable upside/downside skew. See full report here.