Nordstrom downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Edward Yruma downgraded Nordstrom to Neutral from Overweight with a price target of $20, down from $26. Despite a difficult 2022, there may be continued earnings pressure in the first half of 2023 for global lifestyle brands and retailers given a still volatile consumer spending environment and elevated inventory levels, Yruma tells investors in a research note. "We have yet to hit our favored buy signal: trough multiple on trough earnings," says the analyst. With his work, going out, and travel framework "having largely played out and a likely less favorable high-end environment in 2023," Yruma downgraded Nordstrom, Revolve, and Allbirds to Neutral.