Nordstrom price target lowered to $16 from $20 at JPMorgan

JPMorgan analyst Matthew Boss lowered the firm’s price target on Nordstrom to $16 from $20 and keeps an Underweight rating on the shares after meeting with management. The company provided an update on Q4-to-date performance, stating that sales volumes are currently building slower relative to the pre-pandemic historical volume cadence, which in turn is driving increased promotional intensity above pre-pandemic levels, Boss tells investors in a research note. The analyst reduced estimates following the update.