Nordstrom upgraded to Outperform on positive data signals at Wedbush
As previously reported, Wedbush analyst Jen Redding upgraded Nordstrom to Outperform from Neutral and raised her price target on the shares to $75 from $55. The analyst also added shares of Nordstrom to the Wedbush Best Ideas List. Redding views new and unique limited distribution brands, localized market strategies, and a powerful Omnichannel platform as key drivers of revenue and gross margin expansion over the next several years, with diminishing investment headwinds in supply chain and e-commerce unlocking value for shareholders. The Wedbush Data Analytics suite for Nordstrom now draws from 12 of 13 weeks in Q3, and with all data signals positive across each product classification, she now has visibility into Nordstrom's turnaround story, and believes Nordstrom's current business trajectory is on track for 2018 to be an inflection point for profitable growth as generational investments scale and digital capabilities leverage.