UPDATE: Goldman Sachs Raises PT on Ethan Allen Despite Lower Sales Forecasts

In a report published on Monday, Goldman Sachs analyst Matthew Fassler maintained a Sell rating on Ethan Allen (NYSE: ETH) but raised the 12 month price target from $24.00 to $26.00.

In the report, Goldman Sachs pointed out, "During the March quarter, ETH experienced a soft top line due in part to idiosyncratic factors such as holiday timing (i.e., Easter), a slowdown in shipments to the firm's Chinese retailer, and strong prior year prototype sales. Profitability continues to improve, as the firm manages expenses well, and expands gross margin through continued efficiencies, but earnings nonetheless missed our forecasts."

Ethan Allen Interiors closed on Monday at $31.86.