Piper Jaffray Reiterates Nordstrom Rating

Piper Jaffray is reiterating its Overweight rating on shares of Nordstrom, Inc. JWN following the company's FQ3 report in which “EPS beat our estimate by two cents on better than expected gross margin.” “Same-store sales growth accelerated from Q2 into Q3 on a two-year basis, and we believe that this trend remains intact and will lead to positive same store sales in Q4,” Piper Jaffray writes. “Our FY11 EPS estimate of $2.65 could be bested if JWN can add to merchandise margin gains in Q4.” Nordstrom currently trades at $41.83.