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Nordstrom’s Rating, Target Cut at Goldman Sachs; No Near-Term Catalysts (JWN)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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