Piper Jaffray Downgrades Nordstrom (JWN) to Neutral

Piper Jaffray downgraded Nordstrom (NYSE: JWN) from Overweight to Neutral with a price target of $62.00.

Analyst Neely Tamminga commented, "In view of what we believe will likely be near-term underperformance of the street's expectations for JWN's results, we are lowering our investment rating from Overweight to Neutral. We continue to believe Nordstrom is on the right customer-centric, channelagnostic path in becoming a leader in the retailing landscape. That's Nordstrom, the company. Nordstrom, the stock, has recovered 19% year-to-date relative to the S&P at about flat. We maintain a below-consensus stance in earnings for FQ1 and FQ2. With shares near a fair valuation and likely more disappointments relative to the consensus outlook, we are lowering our investment rating to Neutral."

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 $58.52 yesterday.

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