Piper Jaffray Bullish on Nordstrom (JWN) Into Anniversary Sale

Piper Jaffray analyst Neely Tamminga reiterated an Overweight rating and $86 price target on Nordstrom (NYSE: JWN) ahead this year's long-famed Anniversary Sale which kicks off this week (pre-shop begins July 8; public sale, July 17). The analyst said the sale is a big deal as it points to fashion newness and pricing power.

Tamminga commented, "Anniversary Sale is a big deal because the weekly sales volume outpaces December's average weekly sales. It is also a big deal because the fashion presented in the Anniversary Sale provides powerful insights into consumer demand for fashion, specifically for fall fashion. We are noticing pricing power and diversification in denim styles at a time when the category appears to post early signs of a positive inflection point earlier this spring. This could bode well for a strong second half across the retailing (apparel) industry. We are currently modeling a +3.8% comp for FQ2 and remain comfortable with this estimate heading into the start of the sale this week."

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 $75.12 yesterday.

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