Nordstrom upgraded to Buy from Hold at Argus

Argus upgraded Nordstrom to Buy from Hold with a $23 price target. Nordstrom has divested unprofitable businesses and reduced unwanted inventory through discounts and promotions, and it has also strengthened its supply chain, lowering SG&A expense as a percentage of sales, the analyst tells investors in a research note. The company benefits from strong brand recognition as well as from online partnerships, and Argus expects stronger results in the coming quarters and believes that Nordstrom shares offer a buying opportunity.