Nordstrom price target lowered to $13 from $15 at JPMorgan

JPMorgan analyst Matthew Boss lowered the firm’s price target on Nordstrom to $13 from $15 and keeps an Underweight rating on the shares after the company announced a year-over-year Holiday net sales decline of 3.5%, citing a highly promotional season and sales softer than pre-pandemic levels. Extrapolating out to the new year, he models a 5.5% year-over-year decline in total revenue, which is below the Street’s call for 0.3% growth, Boss noted.