Nordstrom (JWN) PT Bumped to $62 at Stifel Following Strong Quarter
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Stifel analyst Richard Jaffe reiterated a Buy rating and raised his price target on Nordstrom (NYSE: JWN) to $62.00 (from $58.00) following strong quarterly results.
Jaffe commented, "JWN reported solid 3Q results, well above our estimate and consensus, primarily due to better margins and lower expenses than we modeled. Comp sales increased 2.4%, due to a shift in timing of the Anniversary sale which benefited 3Q TY. When combining comps for 2Q and 3Q, which removes the impact of the Sale's shift, comps increased 0.4%. Full-line (including direct) comps increased 0.5% and off-price (including Rack, Rack.com and HauteLook) comps increased 3.9%. The stronger sales were due in part to trend-right fashions during the Anniversary sale. We anticipate momentum to continue through the holiday selling season.
Given the better than anticipated results, management raised its adjusted 2016 EPS guidance to the range of $2.85-$2.95 (from $2.60-$2.75). In 1H, management made adjustments to reduce expenses and tightly manage inventory levels in response to the difficult retail environment. Those adjustments helped lift results in 3Q and we anticipate a modest improvement in 4Q profitability as well."
The firm raised FY 2016 EPS from $2.72 to $2.95 and FY 2017 EPS from $3.10 to $3.20.
Shares of Nordstrom closed at $56.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
- Jefferies Raises Price Target on NeuroDerm (NDRM) to $42
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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!