Nordstrom falls as uncertain holiday season looms

Nordstrom

27/11/2024 17:35

** Apparel and footwear retailer Nordstrom's  JWN.N  shares
down as much as 11% at $21.82
    ** After market close on Tuesday, JWN slightly raised the
lower end of its annual comparable sales forecast owing to soft
demand against a backdrop of tough discretionary spending
environment
    ** Slowing sales trends in late October could indicate that
the holiday outlook is not great for co - Morningstar analyst
David Swartz
    ** Stock set for its worst session since March if losses
hold
    ** TD Cowen says inventory growth is a key risk which could
indicate future markdowns and a pullback of sales starting the
last week of October into November
    ** "We note the potential for the stock to trade around the
Nordstrom family's $23 offer price... as valuation is likely
anchored by the likelihood of this transaction," - TD analyst
Oliver Chen 
    ** At least four brokerages raised PT on stock; median PT of
19 analysts is $23
    ** YTD stock has risen 18.59%, including session's moves


 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))