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Nordstrom Inc. Message Board

  • biddermon_ca biddermon_ca Sep 14, 2011 2:29 PM Flag

    Goldman downgrades

    The market has been volatile as of late which could hurt SSS in September, JWN shoppers are very suspect to equity prices...something to think about.

    On Wednesday September 14, 2011, 12:42 pm EDT

    NEW YORK (AP) -- Goldman Sachs analyst Adrianne Shapira cut her rating on Nordstrom Inc. to "Neutral" from "Buy" Wednesday on concerns about sales trends and increased investments that could weigh on the retailer's short-term performance.

    THE OPINION: Nordstrom, which has a loyal customer base and has proven itself as an innovative retailer, still has good long-term potential. But in a note to investors, Shapira expressed several concerns about its potential short-term performance.

    Nordstrom could see slower sales trends, given the volatility in the market and tough comparisons to the prior year, Shapira said. Additionally, the company's recent investments -- such as buying flash sale company HauteLook, installing wireless Internet in its stores, offering free shipping and updating the technology in its stores for customer checkout -- could hamper its bottom line.

    Shapira lowered her earnings expectations for the full fiscal year to $3.10 from $3.16. For the 2012 and 2013 fiscal years, she lowered her earnings expectations to $3.50 from $3.53 and to $3.90 from $3.97, respectively.

    Goldman also reduced its 12-month price target on the Seattle-based retailer to $50 from $55.

    THE STOCK: Shares of Nordstrom fell 3 cents to $45.63 in afternoon trading. Shares have traded between $34.19 and $52.15 in the past 52 weeks.

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