Nordstrom Stock Rating Reaffirmed by Wells Fargo & Co. (JWN)
Nordstrom (NYSE:JWN)‘s stock had its “neutral” rating restated by equities researchers at Wells Fargo & Co. in a research report issued on Monday, American Banking & Market News reports.
The analysts wrote, “We are reducing our Q3 2013 comp estimate from 0 to down 1% to down 2-3% and our EPS estimate from $0.71 to $0.65. Our FY2013E is now $3.56 vs. $3.62 previously and our FY2014E is now $3.80 vs. $3.87 previously. Although we believe the company is largely out of the way of JCP’s struggles, it has faced weakening sales trends. The company is investing in its business, which is a positive long term, but in the near term we believe it will limit EPS growth.”
Nordstrom (NYSE:JWN) traded up 0.05% on Monday, hitting $56.87. 397,565 shares of the company’s stock traded hands. Nordstrom has a 1-year low of $50.94 and a 1-year high of $63.34. The stock’s 50-day moving average is $56.67 and its 200-day moving average is $58.30. The company has a market cap of $11.083 billion and a price-to-earnings ratio of 15.01.
Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, August 15th. The company reported $0.93 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.88 by $0.05. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter last year, the company posted $0.75 earnings per share. Nordstrom’s revenue was up 6.4% compared to the same quarter last year. Analysts expect that Nordstrom will post $3.68 EPS for the current fiscal year.
JWN has been the subject of a number of other recent research reports. Analysts at Pacific Crest initiated coverage on shares of Nordstrom in a research note to investors on Friday, September 27th. They set an “outperform” rating and a $67.00 price target on the stock. Separately, analysts at Macquarie upgraded shares of Nordstrom from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, September 25th. They now have a $66.00 price target on the stock, up previously from $60.00. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Nordstrom in a research note to investors on Wednesday, September 4th. They set a “buy” rating and a $69.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $65.69.
Nordstrom, Inc is a fashion specialty retailer, with 225 the United States stores located in 30 states as of March 16, 2012.
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