UPDATE: Deutsche Bank Raises PT on Nordstrom on Multiple Positive Factors

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Nordstrom

, and raised the price target from $58.00 to $66.00. In the report, Poole noted, “Top Discretionary Stock Pick w/ Earnings Upside & Multiple Expansion. Heading into 1Q EPS, JWN is our favorite cyclical stock idea as the company (1) remains a best in class retailer (3 yrs of DD sales & earnings growth), (2) has the potential for positive EPS revisions once again this year (we see upside to the Street's forecast to SSS, margins, CC biz, and buyback support), and (3) has room for multiple expansion, (at only 13.5x our FY14 EPS of $4.43). While it is clear that a high level of IT & infrastructure spend will continue; that has yet to prevent superior growth in the past and we have increased confidence of ~$5.00 of EPS by 2015. New PT of $66.” Nordstrom closed on Friday at $59.17.