UPDATE: Jefferies Downgrades Nordstrom (JWN) to Hold
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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."
Shares of Nordstrom closed at $31.93 yesterday.
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