Nordstrom (JWN) PT Lowered to $45 at Citi

Citi analyst Paul Lejuez lowered the price target on Nordstrom (NYSE: JWN) to $45.00 (from $56.00) while maintaining a Neutral rating. JWN reported Nov/Dec comps +1.3%, below our forecast of +2-3% and consensus of +2.6%. The issue was at full price stores, where comps were +0.3%, as weak traffic caused the need to take more markdowns.

Citi lowered F18E from $3.61 to $3.55 based on the sales miss in 4Q. We are also lowering our F19E from $3.79 to $3.54 based on lower sales and margins than prev forecast.

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