Citi Reiterates Neutral Rating on Nordstrom (JWN)

Citi analyst Paul Lejuez reiterated a Neutral rating and $20.00 price target on Nordstrom (NYSE: JWN).

The analyst comments "We expect 1Q EPS above consensus and inline w/guidance. We model EPS of -$0.01 vs consensus of -$0.07 and guidance of breakeven to a slight loss based on flat sales vs consensus of +0.9% (mgmt did not give qtrly sales guidance). Based on foot traffic trends, we believe sales accelerated sequentially in 1Q, particularly at Rack (we note both Placer data and Rack sales both inflected positive in 4Q). We believe mgmt will reiterate F24 EPS guidance of $1.65-2.05 (vs consensus of $1.81), though may guide to the high end of prior guidance for comps of -1% to +2% based on Rack performance. Another factor that could influence the stock is discussion about the potential mgmt buyout, which was reported by Reuters on 3/18 but has not been confirmed by mgmt."

For an analyst ratings summary and ratings history on Nordstrom click here. For more ratings news on Nordstrom click here.

Shares of Nordstrom closed at $21.10 yesterday.

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