UPDATE: Jefferies Downgrades Nordstrom (JWN) to Hold

November 24, 2021 3:47 AM EST
Get Alerts JWN Hot Sheet
Price: $24.24 +5.03%

Rating Summary:
    6 Buy, 25 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 37 | New: 8
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(Updated - November 24, 2021 8:12 AM EST)

Jefferies analyst Stephanie Wissink downgraded Nordstrom (NYSE: JWN) from Buy to Hold with a price target of $30.00 (from $48.00).

The analyst commented, "Our thesis has been repeatedly tested and now appears broken; we step aside and move to Hold. Both the costs to transform to 50% digital & weak retail execution are delaying value realization. Q3 sales +18% Y/Y were in range. Nordstrom flat, Rack -8% (flat Q/Q), and digital +16% vs. 2019 (~40% of sales). GM +230bps Y/Y was a positive but much higher fulfillment & labor to achieve largely flat 2YR sales = EPS miss at $0.39 vs. ests $0.57."

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 $31.93 yesterday.

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