Piper Jaffray Upgrades Nordstrom (JWN) to Buy; Positive Outlook
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Piper Jaffray & Co. upgrades Nordstrom, Inc. (NYSE: JWN) from Neutral to Buy. Price target increased $1 to $25.
Piper analyst says, "We are upgrading shares of JWN from Neutral to Buy owing to our belief that the company is well-positioned to see EBIT margin expansion in view of management's indication that margins are tracking better-than-expected and the company's initiatives to increase its penetration in higher-margin categories...We are maintaining our EPS estimate for FY10 at the higher-end of management's guidance range at $1.44. For next year, we are moving our estimate from $1.60 to $1.65. Our $1.65 estimate is predicated on a low-single digit same-store sales decline and 120 basis points of operating margin expansion. Additionally, we note that our revised $1.65 estimate assumes gross margins recover 70 basis points y/y to the 34.0% level--below prior peak of 37.5% in FY07."
To see more analyst ratings on JWN Click Here.
Nordstrom, Inc. is a fashion specialty retailer that offers a selection of apparel, shoes, cosmetics and accessories for women, men and children.
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