Nordstrom (JWN) PT, Estimates Raised at Piper Jaffray on 'Beat and Raise' Qtr

Piper Jaffray analyst Neely J.N. Tamminga reiterated an Overweight rating and raised her price target on Nordstrom (NYSE: JWN) to $95.00 (from $86.00) following better-than-expected Q2 results and raised guidance.

Tamminga commented, "We are reiterating our Overweight rating on JWN following their FQ2 report in view of better-than-expected results and affirmation, in our view, that their pending credit receivables sale in on track to be accretive to their business both in terms of EPS and ROIC. The company reported better-than-expected top- and bottom-line results in FQ2 and raised their guidance for 2015 (FY16). Longer-term, we continue to believe Nordstrom is among the few in retail-land that better understands (and executes on) the massive shift in consumer behavior moving away from malls and onto connected devices."

The firm raised FY 2016 EPS from $3.70 to $3.93 and FY 2017 EPS from $3.96 to $4.06.

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 $74.92 yesterday.

You May Also Be Interested In

• Jefferies Upgrades Husqvarna AB (HUSQB:SS) to Buy
• Banco de Sabadell SA (SAB:SM) (BNDSF) PT Raised to EUR1.70 at Barclays
• Iberdrola SA (IBE:SM) (IBDRY) PT Raised to EUR13.50 at Morgan Stanley