Nordstrom price target lowered to $16 from $18 at Barclays

Barclays analyst Paul Kearney lowered the firm’s price target on Nordstrom to $16 from $18 and keeps an Underweight rating on the shares. The analyst significantly lowered estimates ahead of the company’s Q4 results. The firm continues to believe correcting the Rack business will take time to optimize costs and improve assortments, and it remains cautious on the potential for full-priced sales at the Nordstrom banner to decelerate further.