Mixed Signals: Nordstrom Beats Q2 Estimates But What's Behind This Analyst's Lowered Price Target?
Portfolio Pulse from Lekha Gupta
Nordstrom Inc (NYSE:JWN) beat Q2 earnings estimates but Telsey Advisory Group analyst Dana Telsey lowered the price target to $19 from $21 due to decelerating trends in Q3. Despite the Q2 beat, JWN reiterated its FY23 outlook of revenue decline of 4%-6% Y/Y. Telsey sees sales trends decelerating at the beginning of August across JWN's two banners. Citigroup and UBS also reduced their price targets for JWN.
August 25, 2023 | 5:37 pm
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Nordstrom's Q2 earnings beat estimates but analysts lowered the price target due to decelerating Q3 trends. The company reiterated its FY23 outlook of revenue decline of 4%-6% Y/Y.
Despite beating Q2 estimates, Nordstrom's price target was lowered by analysts due to decelerating trends in Q3. This indicates a potential negative impact on the stock price in the short term. The company's reiteration of its FY23 outlook of revenue decline also adds to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100