Nordstrom (JWN): Results Justify The Expensive P/E - Cowen
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Cowen analyst, Oliver Chen, reiterated his Outperform rating on shares of Nordstrom (NYSE: JWN) after the company's 2Q EPS beat on better comps, FY16 EPS guide was raised & strong Anniversary Sale results were better than expected.
The analyst, raised his PT to $55 from $48 based on ~18x 2017 EPS as improving comp performance, clean-ish inventories & easy compares provide a favorable 2H16 setup. The analyst continues to view JWN as the most future-proof department store long-term, which justifies the expensive P/E.
price target of $55.00 (from $48.00)
Shares of Nordstrom closed at $47.56 yesterday.
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