Nordstrom price target lowered to $18 from $22 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Nordstrom to $18 from $22 and keeps a Hold rating on the shares. Discretionary data points for Q3 have been mixed with recent reporters noting unfavorable fall weather negatively impacting trends in September and early October, the analyst tells investors in a research note. That said, inventory levels are generally clean across the apparel retail space and the majority of retailers should beat earnings estimates driven by margin upside amid improved promotional levels on a year-over-year basis, Deutsche Bank contends.