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UPDATE: JPMorgan Downgrades Nordstrom (JWN) to Underweight

August 25, 2021 6:40 AM EDT
Get Alerts JWN Hot Sheet
Price: $19.24 --0%

Rating Summary:
    7 Buy, 24 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 7 | New: 13
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(Updated - August 25, 2021 6:42 AM EDT)

JPMorgan analyst Matthew Boss downgraded Nordstrom (NYSE: JWN) from Neutral to Underweight with a price target of $34.00 (from $39.00).

The analyst comments "We are downgrading JWN to Underweight and establishing a $34 Dec ’22 price target. With the current backdrop potentially “as good as it gets” for both JWN’s $100K+ core HH income customer (w/ mid-teens personal savings rate, debt service ratio at 40-yr lows, and US household wealth creation of +$12T in 2020) and on the pricing/promotional front (lean channel inventory/ industry AUR expansion) – JWN’s absolute and relative performance remains underwhelming with full price revenues ~900bps below dept store peers, Rack comps ~2,500bps below Off-Price peers, and mgmt forecasting full year operating margins ~200bps below 2019 (vs. dept store peers modeled +489bps > FY19 on average."

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 $37.81 yesterday.


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