Nordstrom (JWN): The Anniversary Sale Bodes Well For 2H - Piper Jaffray
- Health, energy stocks hit Wall Street, Microsoft lifts Nasdaq
- Unusual 11 Mid-Day Movers 10/21: (ALKS) (CXRX) (CERC) Higher; (SGY) (MBRX) (STS) Lower
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- PayPal (PYPL) PT Raised to $45 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!