JPMorgan Chase & Co. Cuts Nordstrom (NYSE:JWN) Price Target to $23.00

Nordstrom (NYSE:JWN) had its price objective reduced by JPMorgan Chase & Co. from $27.00 to $23.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 27.97% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Credit Suisse Group dropped their price target on Nordstrom from $34.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday. Morgan Stanley downgraded Nordstrom from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $36.00 to $27.00 in a research report on Wednesday, August 25th. Jefferies Financial Group downgraded Nordstrom from a “buy” rating to a “hold” rating and dropped their target price for the stock from $48.00 to $30.00 in a research report on Wednesday. KeyCorp restated a “buy” rating and issued a $45.00 target price on shares of Nordstrom in a research report on Wednesday, August 25th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Nordstrom from $40.00 to $37.00 and set a “hold” rating for the company in a research report on Wednesday, August 25th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $30.60.

Shares of Nordstrom stock opened at $31.93 on Wednesday. Nordstrom has a 1 year low of $23.75 and a 1 year high of $46.45. The firm has a market cap of $5.07 billion, a PE ratio of -3,193.00, a P/E/G ratio of 3.74 and a beta of 2.37. The stock has a fifty day moving average price of $29.66 and a 200-day moving average price of $32.59. The company has a debt-to-equity ratio of 10.63, a current ratio of 0.90 and a quick ratio of 0.33.

Nordstrom (NYSE:JWN) last announced its earnings results on Tuesday, November 23rd. The specialty retailer reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.17). The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the company posted $0.22 earnings per share. Nordstrom’s revenue was up 17.7% on a year-over-year basis. As a group, equities analysts anticipate that Nordstrom will post 1.46 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in JWN. Arrowstreet Capital Limited Partnership grew its holdings in Nordstrom by 5,037.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,891,879 shares of the specialty retailer’s stock worth $50,040,000 after acquiring an additional 1,855,053 shares during the last quarter. FMR LLC grew its holdings in Nordstrom by 15.9% in the 2nd quarter. FMR LLC now owns 12,269,362 shares of the specialty retailer’s stock worth $448,690,000 after acquiring an additional 1,684,530 shares during the last quarter. Marshall Wace LLP bought a new stake in Nordstrom in the 3rd quarter worth $36,392,000. Two Sigma Advisers LP lifted its position in shares of Nordstrom by 92.9% in the 3rd quarter. Two Sigma Advisers LP now owns 2,806,101 shares of the specialty retailer’s stock worth $74,221,000 after purchasing an additional 1,351,700 shares during the period. Finally, Morgan Stanley lifted its position in shares of Nordstrom by 133.7% in the 2nd quarter. Morgan Stanley now owns 2,237,756 shares of the specialty retailer’s stock worth $81,836,000 after purchasing an additional 1,280,070 shares during the period. 59.29% of the stock is currently owned by institutional investors and hedge funds.

About Nordstrom

Nordstrom, Inc engages in the manufacture and trade of clothes, shoes, and accessories. It operates through Retail; and Corporate/Other. The Retail segment comprises selection of high-quality, brand-name, and private label merchandise, which includes apparel, shoes, cosmetics, and accessories for women, men, young adults, and children.

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