Nordstrom (NYSE:JWN) Price Target Raised to $20.00 at Bank of America

Nordstrom (NYSE:JWN) had its target price lifted by investment analysts at Bank of America from $18.00 to $20.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the specialty retailer’s stock. Bank of America‘s target price indicates a potential downside of 5.39% from the company’s previous close.

Several other analysts have also issued reports on JWN. Barclays boosted their price target on Nordstrom from $15.00 to $18.00 and gave the company an “underweight” rating in a report on Friday, May 31st. Evercore ISI boosted their price objective on Nordstrom from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. StockNews.com upgraded shares of Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Telsey Advisory Group raised their price objective on shares of Nordstrom from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Nordstrom from $15.00 to $17.00 and gave the stock an “underweight” rating in a report on Friday, May 17th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nordstrom currently has an average rating of “Hold” and an average price target of $18.64.

Nordstrom Stock Performance

JWN opened at $21.14 on Wednesday. The company’s 50 day moving average is $21.91 and its 200 day moving average is $20.66. The company has a current ratio of 1.03, a quick ratio of 0.36 and a debt-to-equity ratio of 3.13. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.55 and a beta of 2.62. Nordstrom has a 12-month low of $12.88 and a 12-month high of $24.03.

Nordstrom (NYSE:JWN) last released its quarterly earnings results on Tuesday, August 27th. The specialty retailer reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.25. Nordstrom had a negative net margin of 1.35% and a negative return on equity of 26.45%. The business had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. On average, equities research analysts predict that Nordstrom will post 1.79 EPS for the current year.

Institutional Trading of Nordstrom

Several hedge funds have recently made changes to their positions in the business. Algert Global LLC purchased a new position in Nordstrom in the second quarter worth about $210,000. Maverick Capital Ltd. raised its stake in shares of Nordstrom by 7.1% in the second quarter. Maverick Capital Ltd. now owns 118,834 shares of the specialty retailer’s stock valued at $2,522,000 after acquiring an additional 7,883 shares during the period. Deerfield Management Company L.P. Series C boosted its stake in shares of Nordstrom by 328.7% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 42,747 shares of the specialty retailer’s stock worth $907,000 after purchasing an additional 32,776 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Nordstrom during the 2nd quarter valued at about $191,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Nordstrom during the second quarter valued at approximately $71,000. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

Nordstrom Company Profile

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand-name and private-label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.