Caris Highlights Strong First Day of Nordstrom's (JWN) Anniversary Pre Sale

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An analyst at Caris & Co. made some bullish comments on Nordstrom (NYSE: JWN) Thursday morning following the kick-off of its Nordstrom Anniversary pre-sale for rewards-program members.

The analyst said solid demand for shoes, women's handbags and men's apparel on Wednesday created a strong first day for the pre-sale. This pre-sale, as well as online shopping, will likely help July retail sales results. The Caris analyst noted full access to the Anniversary Sale will begin on July 20th, a week later than in 2011.

Caris maintains a Buy rating and $65 price target on shares of Nordstrom.

Based on Wednesday's closing price of $50.69, the firm's price target represents potential upside of about 28 percent.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Nordstrom.

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