Nordstrom price target raised to $26 from $24 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Nordstrom (JWN) to $26 from $24 and keeps a Market Perform rating on the shares. The company delivered a “nice earnings beat,” which was driven by stronger sales, gross margin, and operating expense leverage in Q3, the analyst tells investors. The firm maintains its rating on the stock, given the channel’s traffic headwinds, early innings of growth, and limited visibility to significant upside from a potential take-private transaction.