Nordstrom upgraded to Hold from Reduce at Gordon Haskett

Gordon Haskett analyst Chuck Grom upgraded Nordstrom to Hold from Reduce with a $22 price target after the Wall Street Journal reported activist investor Ryan Cohen is taking a sizeable stake in the retailer with the intention of refreshing the board and aligning costs with a lower sales trajectory. The analyst keeps a negative thesis on the fundamental side of Nordstrom’s business, but says a refresh at the board level "is arguably long overdue." Activist activity in the name "de-risks the downside scenario despite weakening trends," the analyst tells investors in a research note.