Nordstrom Faces Price Target Cuts By Analysts Following Weak Holiday Sales

Nordstrom Inc JWN reported a 3.5% drop in net sales for the nine-week holiday period ended December 31, 2022 and lowered its annual EPS guidance.

Nordstrom cut EPS guidance to a new range of $1.50-$1.70 from $2.30-$2.60.

Nordstrom shares gained 0.5% to trade at $17.53 on Friday.

These analysts made changes to their price targets on Nordstrom after the company released holiday sales results.

• Keybanc cut the price target on Nordstrom from $30 to $22. Keybanc analyst Noah Zatzkin maintained an Overweight rating on the stock.
• Telsey Advisory Group lowered Nordstrom price target from $25 to $19. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating on the stock.
• Credit Suisse reduced the price target on the stock from $20 to $17. Credit Suisse analyst Michael Binetti maintained the stock with a Neutral rating.
• JP Morgan cut Nordstrom price target from $15 to $13. JP Morgan analyst Matthew Boss maintained the stock with an Underweight.
• BMO Capital slashed Nordstrom price target from $23 to $20. BMO Capital analyst Simeon Siegel reiterated the stock with a Market Perform rating.
• Evercore ISI Group lowered the price target on Nordstrom from $25 to $16. Evercore ISI Group analyst Omar Saad maintained the stock with an In-Line.
• Gordon Haskett cut Nordstrom price target from $20 to $13. Gordon Haskett analyst Chuck Grom downgraded the stock from Hold to Reduce.
• Citigroup cut Nordstrom’s price target from $21 to $17. Citigroup analyst Paul Lejuez maintained the stock with a Neutral rating.

Also Check This Out Bitcoin Surpasses This Key Level; Nexo, Synthetix Among Top Gainers