TD Cowen said the weakness on Nordstrom shares ahea do its earnings is appreciated given the firm’s cautious stance. The key cautions are on warmer weather, negative data from credit card and retail sales results, and weaker home, aspirational, and select apparel trends. Meanwhile, positives include extra day before Christmas, hopefully conservative guidance, easier comp and gross margin comparisons in 4Q, and low bar for 2024 Street estimates. Cowen has a Market Perform rating and $17 price target on Nordstrom shares.
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