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Fly News Breaks for January 16, 2019
JWN
Jan 16, 2019 | 08:16 EDT
UBS analyst Jay Sole noted Nordstrom announced Holiday sales that fell short of its own expectations, which is leading to more markdowns and lower gross margins than previously expected. As a result, the analyst expects Street estimates to fall following the preannouncement, which challenges his Buy thesis. He said the upside/downside skew still seems favorable, though, as the current valuation prices in weak full-price store performance. Sole maintained his Buy rating and $66 price target on Nordstrom shares.
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