Analyst firm Wedbush Morgan upgraded Williams-Sonoma (NYSE: WSM) from a neutral rating to outperform on Monday, citing a long-lasting change in the home goods market that aligns with this company's product collections. The upgrade Seth Basham lifted his target price on the stock from $46 to $80 per share, 20% above Friday's closing price. The firm noted that consumers are directing their discretionary spending budgets away from travel, apparel, and entertainment during the stay-at-home period of this coronavirus era. Instead, they're spending money on improving their homes with good-looking and functional furniture and home goods. In the short term, Williams-Sonoma's rising online sales should balance out lower revenue from physical retail stores, Basham said. The "secular shift" toward online shopping for home goods will give Williams-Sonoma a tailwind for the long run as well. Image source: Getty Images. The data behind the upgrade The firm based this upgrade on promising reports from home-goods peers Purple Innovation (NASDAQ: PRPL) and Wayfair (NYSE: W), alongside data from several market reports in the online furniture retail space. Consumer interest in housewares and small kitchen appliances should fade out quickly but the idea of turning to online retailers for these items will remain. E-commerce accounted for 56% of Williams-Sonoma's total sales in 2019, up from 54% in 2018 and 52% the year before that. That outsize proportion of online retail sales positions the company for success in a world where consumers are getting used to shopping on the internet. 10 stocks we like better than Williams-SonomaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Williams-Sonoma wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Anders Bylund has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Wayfair. The Motley Fool recommends Williams-Sonoma. The Motley Fool has a disclosure policy.Source