Cowen Remains Bullish on Nordstrom (JWN) Following Announced Credit Card Sale Completion

Cowen reiterated an Outperform rating and $85.00 price target on Nordstrom (NYSE: JWN) following the announced completion of its credit card sale. JWN intends to deploy the net proceeds to shareholders announcing a special dividend of $4.85 payable on Oct. 27th to shareholders of record at close on Oct. 12th. The company will also increase is share buyback program by $1B.

Analyst Oliver Chen commented, "Aftermarket close, JWN announced the completion of its credit card sale and confirmed the net proceeds of $1.8B will be returned to shareholders with a $4.85 special dividend ($900MM) on Oct. 27th + $1B increase to share buyback program. Guidance update due on 3Q EPS call after accounting details finalized."

For an analyst ratings summary and ratings history on Nordstrom click here. For more ratings news on Nordstrom click here.

Shares of Nordstrom closed at $71.43 yesterday.

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