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Cowen positive on Nordstrom ahead of earnings

Feb. 13, 2017 12:14 PM ETNordstrom, Inc. (JWN) StockJWNBy: Clark Schultz, SA News Editor1 Comment
  • Cowen and Company lowers its price target on Nordstrom (JWN -0.2%) to $50 from $64, while keeping an Outperform rating in play. The new PT from Oliver Chen is based off of a clipped Q4 EPS estimate of $1.12 vs. $1.16 consensus.
  • Chen's Q4 take: "Redeeming features include JWN entering 4Q with clean inventories (+0.4% y/y vs. revenue growth of +6.4%), traditionally JWN has not articulated incoming tourism risk from the stronger dollar, and the S&P performance was actually quite strong in 2016 (+9.5%) – so JWN’s core full price customer could be just fine."
  • The analyst prefers JWN over sector peers JCP, M and KSS.
  • The bull-to-bear ratio on Wall Street is almost evenly split (8 Buys, 12 Holds, 7 Sells).

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