Nordstrom (JWN) PT Lifted to $63 at Cowen; Focus on Prioritizing
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Cowen analyst Oliver Chen reiterated an Outperform rating and raised its price target on Nordstrom (NYSE: JWN) to $64.00 (from $55.00) following results.
Chen commented, "We like JWN’s Focus on Prioritizing: limited distribution brands, a best in class human service experience, and a seamless digital + physical experience; meanwhile, an expanded loyalty program is also a barrier to entry. Aggressive inventory alignment yields +95bps of gross margin expansion to 34.9%. Reiterate Outperform & raise PT to $64 on ~19x FY17E EPS of $3.13."
He added, "On the other hand, we do acknowledge risk factors include physical store traffic given -4.5% comps at bricks and mortar stores, near term profitability prospects at Trunk Club given $197M writedown, and long term costs of driving customer convenience which could be likely to offset margins."
Shares of Nordstrom closed at $56.03 yesterday.
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