UPDATE: Stifel Nicolaus Upgrades Nordstrom to Buy

Stifel Nicolaus is out with its report today on Nordstrom JWN, upgrading JWN to Buy. In its report, Stifel Nicolaus writes, "The outlook for the Nordstrom franchise is very favorable; we believe the business is on track and well positioned as the more affluent consumer continues to shop, with her preference clearly Nordstrom. Nordstrom is currently performing near peak operating margins; however, sales productivity remains an opportunity as it is below peak levels." At the time of posting, shares of JWN were trading at $44.20, up 4.42% from Thursday's close.