In a report released yesterday, Oliver Chen from Cowen & Co. reiterated a Hold rating on Nordstrom Inc (NYSE: JWN), with a price target of $56. The company’s shares closed yesterday at $59.18, close to its 52-week high of $59.25.
According to TipRanks.com, Chen is a 4-star analyst with an average return of 6.8% and a 53.4% success rate. Chen covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Lululemon Athletica Inc, and Signet Jewelers Limited.
Currently, the analyst consensus on Nordstrom Inc is a Moderate Buy with an average price target of $58.83, which is a -0.6% downside from current levels. In a report issued on August 7, Piper Jaffray also reiterated a Hold rating on the stock with a $47 price target.
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Based on Nordstrom Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $4.07 billion and net profit of $162 million. In comparison, last year the company earned revenue of $3.79 billion and had a net profit of $110 million.
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Nordstrom, Inc. engages in the manufacture and trade of clothes, shoes, and accessories. It operates through the following business segments: Retail; Credit; and Corporate/Other. The Retail segment manages physical stores and online shops. The Credit segment offers a range of payment options to customers.
