Zacks Investment Research Upgrades Nordstrom (JWN) to Buy

Nordstrom (NYSE:JWN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage currently has a $56.00 target price on the specialty retailer’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.60% from the stock’s previous close.

According to Zacks, “Nordstrom has been gaining from the smooth execution of customer strategy along with disciplined inventory and expense management. Also, the company is enhancing market share through persistent store expansion and strengthening capabilities through further investments, particularly in digital growth. Notably, its third-quarter fiscal 2017 results marked sixth straight time of earnings beat, sales topped estimates for the second consecutive quarter. Moreover, the company’s solid holiday season feat and raised earnings guidance for fiscal 2017, also increases hopes for a spectacular 2018. However, the company has underperformed the industry in the last six months due to higher expenses. Higher investments toward occupancy, technology, supply chain and marketing continue to weigh upon near term costs and margins. Further, the company expects these hurdles to continue hurting results in fiscal 2017.”

Several other analysts have also recently weighed in on JWN. Royal Bank of Canada reaffirmed a “hold” rating and set a $45.00 price objective on shares of Nordstrom in a research report on Thursday, October 5th. KeyCorp set a $55.00 price objective on Nordstrom and gave the company a “buy” rating in a research report on Wednesday, October 11th. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Nordstrom in a research report on Thursday, October 19th. Robert W. Baird reaffirmed a “hold” rating and set a $50.00 price objective on shares of Nordstrom in a research report on Wednesday, November 1st. Finally, UBS Group cut their price objective on Nordstrom from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $47.11.

Nordstrom (NYSE:JWN) traded down $1.64 during midday trading on Monday, hitting $50.18. The company had a trading volume of 1,973,600 shares, compared to its average volume of 2,517,710. The company has a quick ratio of 0.30, a current ratio of 1.00 and a debt-to-equity ratio of 3.14. The company has a market capitalization of $8,360.00, a PE ratio of 17.61, a PEG ratio of 2.90 and a beta of 0.89. Nordstrom has a 12 month low of $37.79 and a 12 month high of $53.00.

Nordstrom (NYSE:JWN) last posted its earnings results on Thursday, November 9th. The specialty retailer reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The company had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Nordstrom had a return on equity of 67.44% and a net margin of 3.25%. Nordstrom’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. equities analysts anticipate that Nordstrom will post 2.98 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. San Francisco Sentry Investment Group CA lifted its holdings in shares of Nordstrom by 1,752.0% during the third quarter. San Francisco Sentry Investment Group CA now owns 2,315 shares of the specialty retailer’s stock valued at $109,000 after purchasing an additional 2,190 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Nordstrom by 41.8% during the second quarter. Advisory Services Network LLC now owns 3,452 shares of the specialty retailer’s stock valued at $165,000 after purchasing an additional 1,018 shares during the last quarter. Thrivent Financial For Lutherans purchased a new position in shares of Nordstrom during the second quarter valued at approximately $202,000. Nordea Investment Management AB lifted its holdings in shares of Nordstrom by 7.2% during the second quarter. Nordea Investment Management AB now owns 4,264 shares of the specialty retailer’s stock valued at $204,000 after purchasing an additional 287 shares during the last quarter. Finally, Intact Investment Management Inc. purchased a new position in shares of Nordstrom during the third quarter valued at approximately $226,000. Hedge funds and other institutional investors own 57.70% of the company’s stock.

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About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

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