Nomura Securities Maintains a 'Neutral' on Nordstrom (JWN); 3Q Review

Nomura Securities maintains a 'Neutral' on Nordstrom (NYSE: JWN) price target of $51.00.

Nomura analyst, Paul Lejuez, said, "3Q EPS of $0.59 vs our estimate of $0.60 and consensus of $0.59. JWN has good top-line momentum but, as evidenced in 3Q, this momentum is not translating into earnings upside as the company continues to invest in its business. 3Q11 marked the first down EBIT margin qtr since 2Q09 and we forecast this trend to continue. While we believe JWN’s focus on the customer will help the company long-term, near-term its many initiatives are likely to pressure margins and ROIC. We are reducing our F11E EPS from $3.20 to $3.10 and our F12E EPS from $3.65 to $3.49."

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 $49.62 yesterday.

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