Fashion retailer Nordstrom, Inc. ( JWN ) on Wednesday caught a big downgrade from analysts at Goldman Sachs.
The firm said it cut its rating on JWN from "Buy" to "Neutral," also lowering its price target from $55 to $50. That new target suggests a smaller 10% upside to the stock's Tuesday closing price of $45.66.
A Goldman analyst commented, "While JWN's long-term potential remains strong as a multichannel innovator at the high end, we see limited near-term upside. Slowing [same-store sales] combined with continued investments to differentiate its offering could weigh on near-term results."
Nordstrom shares fell 31 cents, or -0.7%, in premarket trading Wednesday.
The Bottom Line
Shares of Nordstrom Inc. ( JWN ) have a 2.01% dividend yield, based on last night's closing stock price of $45.66. The stock has technical support in the $38-$42 price area. If the shares can firm up, we see overhead resistance around the $48-$50 price levels.
Nordstrom, Inc. ( JWN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Created by Dividend.com