UPDATE: Nomura Securities Upgrades Nordstrom (JWN) to Buy; Recent Weakness is Buying Opportunity

(Updated - June 1, 2012 8:37 AM EDT)

Nomura Securities upgraded Nordstrom (NYSE: JWN) from Neutral to Buy. PT $55.

Analyst, Paul Lejuez, said, "The company’s strong execution, enviable customer base, and best-in-class ROIC stand out in our retail universe. We believe we are nearing an inflection point in the EBIT margin, top-line momentum remains strong, and growth in the Rack concept is driving higher ROIC. With the stock (5)% YTD vs our group +14%, investors are presented with an attractive buying opportunity as JWN trades at an EV/EBITDA multiple (5.5x) in line with its department store peers. Maintain F12E/F13E EPS of $3.54/$3.96 vs Street $3.44/$3.92, respectively."

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 $47.37 yesterday.

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