Goldman Sachs Maintains a 'Buy' on Nordstrom (JWN); Lowering Estimates; Earlier Inflection

May 11, 2012 9:42 AM EDT
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Price: $44.64 +3.98%

Rating Summary:
    12 Buy, 18 Hold, 5 Sell

Rating Trend: = Flat

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    Up: 30 | Down: 30 | New: 23
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Goldman Sachs maintains a 'Buy' on Nordstrom (NYSE: JWN) price target of $65.00.

Analyst, Adrianne Shapira, said, "JWN posted 1Q EPS of $0.70, below GS/consensus estimates of $0.79/$0.75. The miss relative to our estimate was primarily driven by gross margin ($0.07) and SG&A deleverage ($0.02)...While the 1Q miss and below-consensus 2Q guidance are far from positive, we highlight two key silver linings that keep our thesis intact: (1) Key EBIT inflection to come sooner than planned; and (2) Investments successfully driving top line."

"We lower our FY12/FY13/FY14 EPS estimates to $3.45/$4.00/$4.75 from $3.60/$4.20/$4.95 on the flow through from the 1Q miss and the lower-than-expected 2Q guidance."

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 $53.53 yesterday.

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