JPMorgan sees Nordstrom well positioned in the market
Compared to its peers the US department store chain is prepared for the coming months.
JPMorgan is getting a little more constructive for Nordstrom (NYSE: JWN) near the end of the holiday season. Analyst Matthew Boss: "We see COVID-19 accelerating market share losses for JWN and the department store subsector as consumers increasingly buy brands directly online, shop less physically in malls and increase their focus on convenience and value. Still, we put states that JWN is relatively better positioned than its department store competitors due to the higher e-commerce penetration (= one third of sales in 2019> peers ~ 20%). " The firm is increasing its Nordstrom price target to $ 27, which is 5 times its EBITDA estimate for 2022 and above the Wall Street average price target of $ 23.45. Short bets on department store stocks were up well into the late fourth quarter.