Nordstrom's Holiday Success Wins a Doubled Analyst Price Target
While most Wall Street analysts express a cautious view of fashion retailer Nordstrom (NYSE: JWN), Wedbush Securities decided to break with the consensus today by boosting its price target for the stock to $36. This represents more than 12.5% upside potential from Nordstrom's share value at the time the prediction was made, and it more than doubles Wedbush's target from its previous $17 level, Morningstar reports.
The stock market responded positively today to Wedbush's altered price target despite its unchanged neutral rating on the retailer. The new target represents a strong break with other analysts, whose consensus price for Nordstrom is $24.39, which effectively forecasts a 25% downside instead. Even J.P. Morgan, whose research note on Nordstrom said its digital presence gave it an objective advantage over competing department stores, was only willing to set a $27 price target.
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Source Fool.com
