Nordstrom price target lowered to $17 from $20 at Piper Sandler

Piper Sandler lowered the firm’s price target on Nordstrom to $17 from $20 and keeps a Neutral rating on the shares. The firm notes that Nordstrom saw sequential improvement from Q2, but a return to growth still remains elusive. Piper believes that Nordstrom likely outperformed premium/luxury peers given the soft conditions in the space and thinks Rack is exhibiting some promising early signs. Inventories are controlled and the firm believes Nordstrom is well positioned for an eventual improvement in macro. Piper remains on the sidelines due to its ongoing concerns regarding the premium/luxury consumer.