Why Nordstrom Stock Was Up Today
Shares of Nordstrom (NYSE: JWN) were up 2.8% on Monday after a Morgan Stanley analyst reiterated her hold rating on the stock, but set her price target at $21 a share, some 30% above its current price.
The department store chain reported a massive $521 million first-quarter loss last week as the coronavirus pandemic took its toll, with sales plunged 40% to about $2 billion. It had to clear out merchandise at fire-sale prices, resulting in inventory levels falling 25% year over year. That let it look to the coming quarters with something of a clean slate now that its stores are reopening.
Image source: Nordstrom.
Source Fool.com
