Gordon Haskett analyst Chuck Grom downgraded Nordstrom to Reduce from Hold with a price target of $13, down from $20. The set-up for Nordstrom "continues to erode," said Grom, who thinks the Rack is "clearly ceding share" and has little visibility on when, or how, this will reverse course. Look ahead to 2023, it is "hard for us to underwrite a scenario where trends improve at either banner," Grom tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on JWN:
- Nordstrom price target lowered to $13 from $15 at JPMorgan
- Nordstrom’s (NYSE:JWN) Woes Continue, Retailer Rips Outlook
- Nordstrom cuts FY22 EBIT margin view to 2.8%-3.1% from 4.1%-4.4%
- Nordstrom Reports Holiday Sales, Updates Outlook
- Nordstrom cuts FY22 adjusted EPS view to $1.50-$1.70 from $2.30-$2.60