UPDATE: McAdams Wright Ragen Reiterates Nordstrom at Buy as June Comps Beat Expectations

McAdams Wright Ragen maintains its Buy rating and $63 price target on Nordstrom JWN as comps for June come in at 8.1%, outperforming expectations. McAdams Wright Ragen notes, "Nordstrom reported June comparable store sales growth of 8.1% on a 7.9% prior-year comparison. Sales were strong across the board; Nordstrom comps increased 8.5% while Rack comps grew 8.2%. Total retail sales increased 12.6% during the month. … We're cautiously optimistic that Nordstrom will continue to generate healthy sales growth and outperform the retail sector as a whole in the coming months (adjusting for the noise created by the Anniversary Sale event calendar shift in July/August). Although the stock has drifted higher in recent weeks, our $63 price target (based on 16x our FY13 earnings estimate) suggests additional upside." Nordstrom closed at $57.75 on Tuesday.