Nordstrom price target lowered to $20 from $23 at BMO Capital

BMO Capital analyst Simeon Siegel lowered the firm’s price target on Nordstrom to $20 from $23 and keeps a Market Perform rating on the shares. The analyst cites the company’s FY22 guidance cut, though given the "cleaner inventory", its update may have been "better than feared". Siegel adds that he remains sidelined on the stock given the lack of visibility for Nordstrom, though he also believes that the valuation on the stock appears to protect the downside.