us nordstrom analyst note 110909
On the homepage
Vikings
Out There
Pardon Board
Petters
Analyst lifts price target for Nordstrom to $33, touts growth at stores open more than 1 year
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
CHICAGO - An analyst raised his price target on shares of department store operator Nordstrom Inc. on Monday, expecting sales growth to boost the company's bottom line.
JPMorgan analyst Charles Grom raised his price target by $3 to $33. That implies shares have room to decline 2.7 percent from Friday's close of $33.93.
Earlier this month, Nordstrom said October sales in stores open at least one year rose 6.5 percent, which topped analyst expectations. Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.
The increase was particularly notable, given that many retailers are struggling to report sales growth during the weak economy.
Grom, who rates the stock "Neutral," was impressed by Nordstrom's sales increase, particularly at its online business, where sales rose in the double digits.
Grom also said sales were strong at its Nordstrom Rack unit and that basket size, or how much a shopper purchased, improved.
Sales rose 92 cents, or 2.7 percent, to $34.85 in afternoon trading.
Recent Business stories
Former US House Speaker Newt Gingrich sets Cincinnati town hall on jobs, 1st of planned series - November 9, 2009
Former US House Speaker Newt Gingrich sets Cincinnati town hall on jobs, 1st of planned series - Former U.S. House Speaker Newt Gingrich has scheduled the first of a planned series of town halls on jobs for Cincinnati next week. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments