July 06, 2012 at 08:35 AM EDT
Nordstrom’s Target, Full-Year Estimate Lowered at Deutsche Bank; Still a “Buy” (JWN)

Fashion specialty retailer Nordstrom, Inc. (JWN) on Friday caught some mixed commentary from analysts at Deutsche Bank.

The firm maintained its “Buy” rating on JWN but lowered its price target from $63 to $62. That new target suggests a 20% upside to the stock’s Thursday closing price of $51.53.

A Deutsche Bank analyst commented, “Nordstrom, once again, produced the best comp in our universe — up 8.1% in June — well ahead of our 5.0% view and consensus of only 4.4%. All segments performed well with the multi-channel rising 8.5% and Rack up 8.2%. We are raising our 2Q12 SSS and EPS to 2.8% (includes neg. 4% comp in July) and $0.74 (up from $0.73), on the better the expected performance.”

Still, the firm lowered its full-year 2013 earnings outlook for the company from $4.20 to $4.10 per share.

Nordstrom shares were unchanged in premarket trading Friday.

The Bottom Line
Nordstrom currently offers a 2.1% dividend yield, based on last night’s closing price of $51.53 and the company’s annualized dividend payout of $1.08 per share.

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.

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