Deutsche Bank Defends on Nordstrom (JWN); Dip Offers Opportunity
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Price: $24.66 --0%
Rating Summary:
4 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
4 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Deutsche Bank maintains a 'Buy' on Nordstrom (NYSE: JWN) price target of $66.00.
Analyst, Charles Grom, said, "While we respect the knee jerk reaction, cooler heads should prevail presenting a nice buying opportunity. To this end, both the aforementioned EPS miss and 2Q guidance are entirely a function of JWN's technology spend being front-end loaded, which until today was undisclosed by JWN. Said differently, JWN's EBIT flow through in 1H will be negative 3.0% versus an acceleration to +18% in 2H. Equally critical, JWN reiterated that '12 is a 'step-up' investment year, implying that its flow through in '13 will noticeably accelerate. Net, we see the AH action as another famous dislocation opportunity."
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 $53.53 yesterday.
Analyst, Charles Grom, said, "While we respect the knee jerk reaction, cooler heads should prevail presenting a nice buying opportunity. To this end, both the aforementioned EPS miss and 2Q guidance are entirely a function of JWN's technology spend being front-end loaded, which until today was undisclosed by JWN. Said differently, JWN's EBIT flow through in 1H will be negative 3.0% versus an acceleration to +18% in 2H. Equally critical, JWN reiterated that '12 is a 'step-up' investment year, implying that its flow through in '13 will noticeably accelerate. Net, we see the AH action as another famous dislocation opportunity."
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 $53.53 yesterday.
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