Piper Jaffray Reiterates Nordstrom Overweight Rating, Raises PT To $53 (JWN)

Piper Jaffray reiterated its Nordstrom JWN Overweight rating and raised Nordstrom's price target to $53 from $51 in a research report published today. In the report, Piper Jaffray states, "We are reiterating our Overweight rating on shares of JWN following the company's January sales release (the third and final month of FQ4) and in view of what we believe to be continued momentum and market share gains. Same-store sales growth accelerated yet again in Q4 versus Q3 (as was the case in Q3 versus Q2). We are raising our estimates somewhat and believe upside exists for further upward revisions in the quarters to come." Shares of Nordstrom were at $42.05 in after hours trading at the time of posting, reflecting no change from Thursday's market close.