Nordstrom price target lowered to $19 from $21 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Nordstrom to $19 from $21 and keeps a Market Perform rating on the shares. The company’s Q2 adjusted EPS beat the consensus estimate, which was largely due to better-than-expected sales, gross margin, and SG&A deleverage, the analyst tells investors. While sales and margin also came in better than expected, the company maintained its FY23 outlook due to decelerating trends quarter-to-date and an overall cautious consumer landscape, the firm says.