KeyBanc Raises Price Target on Nordstrom (JWN), Strong Trends Should Continue Into the Future

KeyBanc is maintaining its Buy rating on shares of Nordstrom (NYSE: JWN) and is raising its price target from $50 to $54.

The company released its Q1 results with an EPS of $0.65, but the firm notes it included $0.04 of costs associated with the HauteLook acquisition which was not calculated into its estimate of $0.64.

The firm continues to believe that Nordstrom will continue to benefit from improved trends in its targeted customer base as well as strong execution.

KeyBanc is lowering its FY11 EPS estimate by $0.05 to $3.03, which reflects the HauteLook acquisition, and is introducing its FY12 at $3.50.

For more ratings news on Nordstrom click here and for the rating history of Nordstrom click here.

Shares of Nordstrom closed at $49.17 yesterday.

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