Nomura Securities Reiterates a 'Buy' on Nordstrom (JWN); Why Investors Lost Focus on Strong June...
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Price: $60.16 --0%
Rating Summary:
12 Buy, 9 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
12 Buy, 9 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade JWN Now!
Nomura Securities reiterates a 'Buy' on Nordstrom (NYSE: JWN) price target of $55.00.
Analyst, Paul Lejuez, said, "Despite a best-in-class comp performance in June, the market’s focus quickly shifted to the implied comp guidance for July (July will be hurt by the timing of JWN’s Anniversary Sale). We believe the market is too short-sighted, as the lost July sales due to the sale timing shift should be made up in August. We model July comps down 9-11% in full-line stores and August comps +20-22%. We believe JWN’s strong June comp supports our thesis that the market misinterpreted last month's slower full-line comp. Trading at 5.9x our F13 EBITDA, we believe the valuation is attractive for one of the highest ROIC in our coverage group."
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 $51.53 yesterday, with a 52 week range of $37.28-$57.75.
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Analyst, Paul Lejuez, said, "Despite a best-in-class comp performance in June, the market’s focus quickly shifted to the implied comp guidance for July (July will be hurt by the timing of JWN’s Anniversary Sale). We believe the market is too short-sighted, as the lost July sales due to the sale timing shift should be made up in August. We model July comps down 9-11% in full-line stores and August comps +20-22%. We believe JWN’s strong June comp supports our thesis that the market misinterpreted last month's slower full-line comp. Trading at 5.9x our F13 EBITDA, we believe the valuation is attractive for one of the highest ROIC in our coverage group."
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 $51.53 yesterday, with a 52 week range of $37.28-$57.75.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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