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Fly News Breaks for May 13, 2016
JWN
May 13, 2016 | 06:58 EDT
Deutsche Bank analyst Paul Trussell cut his price target for Nordstrom to $47 saying the company reported its worst quarterly comp last night since Q2 of 2009. The analyst agrees with Nordstrom CFO Mike Koppel's comment that the company is currently experiencing a "down-cycle." Data suggest that consumer's pace of spending may have turned for the worse, at least temporarily, Trussell tells investors in a research note. He keeps a Buy rating on Nordstrom.
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