Nordstrom (JWN) PT Lowered to $40 at Nomura/Instinet Following 1Q

Nomura/Instinet analyst Simeon Siegel lowered the price target on Nordstrom (NYSE: JWN) to $40.00 (from $46.00) while maintaining a Neutral rating following the company's 1Q report. JWN posted a meaningful sales and margin miss. Net sales were -3.5%, w/full-price sales down 5.1% and off-price -60bps. Management pointed to several executional issues.

Guidance calls for moderate adjusted SG&A deleverage for FY19, which included expense savings at the high-end of the initial range of $150- $200mn, albeit back-half weighted.

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