UPDATE: Morgan Stanley Downgrades Nordstrom (JWN) to Underweight
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Morgan Stanley analyst Kimberly Greenberger downgraded Nordstrom (NYSE: JWN) from Equalweight to Underweight with a price target of $27.00 (from $36.00).
The analyst comments "JWN fell -18% on 2Q sales & margin results that lagged peers. We see further stock price downside as revenue recovery appears protracted & cost inflation pressures EBIT margin, putting $2.40 consensus 2022e out of reach in our view. L-T EPS growth remains elusive. Downgrade to UW & cut PT to $27."
Shares of Nordstrom closed at $31.14 yesterday.
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