Nordstrom price target raised to $15 from $13 at BofA

BofA raised the firm’s price target on Nordstrom to $15 from $13 and keeps an Underperform rating on the shares. The firm is lowering its FY24 EPS estimate by 4% to $1.74 as lower credit is partly offset by higher Rack openings, but raising its price target on peer multiple expansion. The firm still sees continued risk to sales and profitability given structural challenges within the department store sector, the analyst added in a post-earnings note.