Piper Jaffray analyst Neely Tamminga reiterated an Overweight rating and boosted her price target on Nordstrom (NYSE: JWN) to $87.00 (from $81.00) on a combo of solid top-line trends indicating market share gains amid a "meh" retail sales environment for apparel and clear and decisive plans around capital spending.

Tamminga commented, "The company reported better-thanexpected sales in FQ4 and is guiding top-line sales of +7%-9% in 2015 (FY16). What's likely most helpful for investors this Friday morning is our financial model in which we project out to 2020 based on management's guideposts. Valuation-wise, we are raising our EV/EBITDA multiple from 9x to 10x in view of this increased visibility. Applied to our FY16E EBITDA of $1,916M and assuming $827M in cash, $3,123M in debt, and 194M shares, our target moves to $87."

The firm trimmed FY 2016 EPS from $4.30 to $3.76 and FY 2017 EPS from $4.84 to $4.01.

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Shares of Nordstrom closed at $77.14 yesterday.