Piper Jaffray Slashes PT, Estimates on Nordstrom (JWN) Following Weak Results, Guide
Piper Jaffray analyst Neely J.N. Tamminga lowered her price target on Neutral-rated Nordstrom (NYSE: JWN) to $45.00 (from $62.00) following weak results and outlook.
Tamminga commented, "We are adjusting our estimates on JWN shares on the heels of its FQ1 release in which EPS of $0.26 came in below consensus of $0.47 and our estimate of $0.40 driven by both top-line weakness and gross margin pressure. Management updated their full-year guidance to better reflect current trends and now expects 2016/FY17 EPS of $2.50 to $2.70 vs. $3.10 to $3.35 previously. We continue to believe Nordstrom is on the right customer-centric, channel-agnostic path in becoming a leader in the retailing landscape. That said, given a muted outlook for the balance of the year we believe a Neutral rating is appropriate at current levels; we adjust our PT to $45 ($62 prior)"
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Shares of Nordstrom closed at $45.23 yesterday.