Nordstrom Sees Strong Trading Volume After Analyst Upgrade (JWN)
Shares of Nordstrom (NYSE:JWN) saw unusually-strong trading volume on Wednesday after Topeka Capital Markets raised their price target on the stock from $75.00 to $78.00, Stock Ratings Network reports. Topeka Capital Markets currently has a buy rating on the stock. Approximately 1,459,029 shares changed hands during trading, an increase of 29% from the previous session’s volume of 1,127,795 shares.The stock last traded at $67.86 and had previously closed at $68.71.
A number of other firms have also recently commented on JWN. Analysts at Deutsche Bank raised their price target on shares of Nordstrom from $72.00 to $78.00 in a research note on Monday, July 28th. They now have a “buy” rating on the stock. Separately, analysts at Goldman Sachs downgraded shares of Nordstrom from a “buy” rating to a “neutral” rating in a research note on Monday, June 23rd. They now have a $74.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Buckingham Research raised their price target on shares of Nordstrom from $62.00 to $70.00 in a research note on Friday, May 16th. They now have a “neutral” rating on the stock. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $69.82.
The stock’s 50-day moving average is $68.66 and its 200-day moving average is $64.18. The company has a market cap of $12.872 billion and a P/E ratio of 18.54. Nordstrom also was the target of unusually large options trading on Tuesday. Traders bought 3,683 put options on the company. This represents an increase of approximately 528% compared to the typical daily volume of 586 put options.
Nordstrom (NYSE:JWN) last announced its earnings results on Thursday, May 15th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.04. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.86 billion. On average, analysts predict that Nordstrom will post $3.90 earnings per share for the current fiscal year.
Nordstrom, Inc is a fashion specialty retailer. As of March 18, 2013, the Company operates 242 United States stores located in 31 states, as well as an e-commerce business through nordstrom.
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