McAdams Wright Ragen Upgrades Nordstrom to Buy

McAdams Wright Ragen is out with its report today on Nordstrom JWN, upgrading JWN to Buy from Hold. In its report, McAdams Wright Ragen writes, "We are upgrading Nordstrom to Buy from Hold based on valuation as we believe that the sell-off over the past two weeks – taking the stock from over $52 to less than $40 – has resulted in an attractive buying opportunity. Our $50 price target remains unchanged, and including the dividend payment of about 2.3%, represents a total potential return of 29% over the next 18 months, based on yesterday's close." At the time of posting, shares of JWN were trading at $40.67, up 2.06% from Monday's close.