Nordstrom (NYSE:JWN) kept analysts on the sidelines following its third-quarter results, as four of them assigned a Hold rating to the stock. JWN stock declined about 5% yesterday as the company’s disappointing Fiscal Year 2023 outlook hurt investors’ sentiment.
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Among the neutral analysts, Piper Sandler analyst Edward Yruma noted that the company’s inventory levels remain under control and that JWN is well-positioned to benefit from an improving macro environment. However, he maintains a Hold due to lingering uncertainties surrounding the spending power of premium consumers.
Another top-rated Guggenheim analyst, Robert Drbul, has maintained a Hold rating on JWN stock. Drbul remains cautious about a slowdown in sales trends. The analyst awaits signs of stability and enhancement in the Rack’s business before considering an upgrade for the stock.
Is Nordstrom a Buy or Sell?
Overall, the Street has a Hold consensus rating on Nordstrom stock. This is based on two Buys, eight Holds, and five Sells ratings in the past three months. The average JWN price target of $15.31 points to a 7.7% potential upside in the stock.
