Piper Jaffray Upgrades Nordstrom (JWN) to Overweight Citing Anniversary Sale Optimism

Piper Jaffray upgraded Nordstrom (NYSE: JWN) from Neutral to Overweight with a price target of $53.00 (from $45.00), citing optimism in early days of the Nordstrom's Anniversary Sale.

Analyst Neely Tamminga commented, "On the heels of seeing signs of accelerating trends from Nordstrom's Anniversary Sale event, we are raising our rating on JWN to Overweight and price target to $53 in view of easier comparisons ahead and the potential for stepped-up trends from the doldrums experienced this spring. Too, we note, with JWN shares posing a 3%+ dividend yield and with the prospects for accelerating cash flow as capital spending wanes as a percent of sales, JWN shares are increasingly attractive to a broader range of investors, in our view. Specific to the Anniversary Sale, the first 12 days of the Anniversary Sale are indicating sell-outs and high sell-throughs tracking 70% higher than last year for a combined 17% of the proxy basket we use to monitor trends vs. 10% last year."

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 $42.74 yesterday.

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