Nordstrom price target raised to $22 from $20 at BofA

BofA analyst Lorraine Hutchinson raised the firm’s price target on Nordstrom (JWN) to $22 from $20 and keeps an Underperform rating on the shares. While “encouraged” by the Q3 sales beat, the firm notes that sales trends noticeably decelerated in the last week of October and quarter-to-date and that management is now planning Q4 more cautiously. The firm is raising its FY24 EPS estimate by 6c to $1.90, but maintains an Underperform rating as it sees risk to sales and profitability given structural challenges within the department store sector.