Analyst: Nordstrom Stock Has Healthy Upside

The majority of analysts remain pessimistic about JWN

Jake Scott

Deputy Editor

Mar 8, 2023 at 10:40 AM

Nordstrom Inc (NYSE:JWN) stock is up 0.6% to trade at $19.65 this morning, after Argus Research upgraded the retailer to "buy" from "hold." The Wall Street firm praised Nordstrom's divesting of unprofitable parts of its business and its newfound healthy upside.

There's plenty of room for other analysts to follow suit. Coming into today, 12 of 14 covering brokerages rated JWN a "hold" or worse. Further, the 12-month average target price of $18.44 is a 6.3% discount to the equity's current perch of $19.68.

It's also worth noting that short interest represents 19.5% of the stock's available float. At JWN's average pace of trading, it would take over three days to buy back these bearish bets.

On the charts, Nordstrom stock's most recent pullback was saved by its 80-day moving average. Though down 18.5% over the last 12 months, JWN is nearly 23% higher in 2023.

Follow @Schaeffers

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released!