Nordstrom (JWN) PT Bumped to $62 at Stifel Following Strong Quarter
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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.
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