Nordstrom, Inc. (NYSE:JWN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $53.00 target price on the specialty retailer’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.05% from the stock’s previous close.

According to Zacks, “Nordstrom’s shares have outperformed the broader industry in the last three months, as it has been gaining from focus on enhancing customer experience and productivity. Driven by these efforts, the company posted solid first-quarter fiscal 2017 earnings, which marked its fourth consecutive beat. The company is gaining from solid inventory management and operational efficiencies, along with sales growth in Nordstrom Rack and strong eCommerce performance. Further, recent contemplation of the Nordstrom family to buyout the company and going private, have aided share prices. However, the company’s top-line missed prediction while comps dipped in the fiscal first quarter. Moreover, volatile consumer behavior, sluggish store traffic and a tough retail environment remain concerns. Nonetheless, we commend Nordstrom’s strong brand image, cost saving initiatives, store expansion efforts and progress on 2020 strategy.”

Several other research analysts also recently issued reports on JWN. Citigroup Inc. lowered their price objective on shares of Nordstrom from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday, May 12th. Gordon Haskett reissued an “accumulate” rating on shares of Nordstrom in a research report on Friday, June 9th. Vetr raised shares of Nordstrom from a “buy” rating to a “strong-buy” rating and set a $53.07 price objective on the stock in a research report on Tuesday, April 18th. Maxim Group set a $61.00 price objective on shares of Nordstrom and gave the stock a “buy” rating in a research report on Thursday, May 4th. Finally, J P Morgan Chase & Co reissued an “underweight” rating and set a $48.00 price objective on shares of Nordstrom in a research report on Friday, July 14th. Five equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. Nordstrom currently has an average rating of “Hold” and a consensus price target of $47.36.

Shares of Nordstrom (JWN) traded down 2.26% during midday trading on Thursday, hitting $45.82. 1,564,595 shares of the stock were exchanged. The stock has a 50 day moving average price of $47.43 and a 200-day moving average price of $45.51. Nordstrom has a 12 month low of $39.53 and a 12 month high of $62.82. The company has a market cap of $7.61 billion, a PE ratio of 21.45 and a beta of 0.83.

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Several hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. boosted its position in shares of Nordstrom by 421.1% in the fourth quarter. Macquarie Group Ltd. now owns 49,000 shares of the specialty retailer’s stock worth $2,348,000 after buying an additional 39,596 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in shares of Nordstrom by 1.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 98,187 shares of the specialty retailer’s stock worth $4,572,000 after buying an additional 1,139 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Nordstrom by 0.9% in the first quarter. Gulf International Bank UK Ltd now owns 43,475 shares of the specialty retailer’s stock worth $2,024,000 after buying an additional 400 shares during the last quarter. Merriman Wealth Management LLC boosted its position in shares of Nordstrom by 5.4% in the first quarter. Merriman Wealth Management LLC now owns 5,922 shares of the specialty retailer’s stock worth $276,000 after buying an additional 304 shares during the last quarter. Finally, Cribstone Capital Management LLC boosted its position in shares of Nordstrom by 2,530.2% in the first quarter. Cribstone Capital Management LLC now owns 7,233 shares of the specialty retailer’s stock worth $322,000 after buying an additional 6,958 shares during the last quarter. Hedge funds and other institutional investors own 64.36% of the company’s stock.

About Nordstrom

Nordstrom, Inc is a fashion specialty retailer in the United States. The Company’s segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards.

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