UPDATE: Piper Jaffray Raising Price Target On Nordstrom's After Earnings

Piper Jaffray is out with a research report on Nordstrom, Inc. JWN after it reported earnings yesterday. It has an Overweight rating and is raising its price target to $61. In a note to clients, Piper Jaffray writes, "We are reiterating our Overweight rating and raising our price target from $60 to $61 on JWN shares following Nordstrom's FQ2 earnings release in which EPS beat our estimate by seven cents and management raised its full-year outlook. We continue to believe that Nordstrom's commitment to technological innovation is positioning the company for further market share gains in coming years, and as such we view this as an attractive entry point for the shares, particularly given the high market volatility the past two weeks." Shares of JWN gained $1.67 in after-hours yesterday to close at $44.00.