Goldman Sachs Neutral on Nordstrom After Earnings

Goldman Sachs is out with a research report on Nordstrom, Inc. JWN and it has a Neutral rating and a $50 price target on shares after it reported earnings. In a note to clients, Goldman Sachs writes, "We cited that both multiple expansion and EPS upside would be limited, given ongoing investments that would mitigate sales flow through, in our JWN downgrade note on September 14, 2011. JWN's 3Q EPS release provided evidence of this as its 7.9% comp was unable to drive leverage leading to slowing second derivative EPS growth." Shares of JWN gained 69 cents yesterday to close at $49.62.