Nordstrom (JWN): The Anniversary Sale Bodes Well For 2H - Piper Jaffray
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Piper Jaffray analyst, Neely Taminga, reiterated her Overweight rating on shares of Nordstrom (NYSE: JWN) on the heels of a better-than-expected FQ2 earnings report. She is adjusting estimates and raising her price target. Despite a calendar shift in timing, the Anniversary Sale event performed better-than-expected and drove the underlying comparable-store sales higher than the street were modeling.
After management has reaffirmed key points of its fiscal year guidance, she believed "the potential for upside in both sales and profits was put on the table for this year driven by controlled expenses, the addition of new loyalty members to the Rewards program, and now a positive inflection in underlying demand in fall fashionable goods".
The price target goes to $63.00 (from $56.00).
Shares of Nordstrom closed at $47.56 yesterday.
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