Nordstrom (JWN) PT Lifted to $63 at Cowen; Focus on Prioritizing

November 11, 2016 9:02 AM EST
Get Alerts JWN Hot Sheet
Price: $44.38 --0%

Rating Summary:
    12 Buy, 18 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 17 | New: 54
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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."

For an analyst ratings summary and ratings history on Nordstrom click here. For more ratings news on Nordstrom click here.

Shares of Nordstrom closed at $56.03 yesterday.

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