Morgan Stanley Sees Heavy Investment Cycle Clouding Earnings Growth for Nordstrom

In a report published Friday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Equal-Weight rating on Nordstrom JWN. In the report, Morgan Stanley noted, “JWN delivered 4c upside to consensus 1Q driven by better sales growth, but elevated investments, Rack expansion and promotions caused a $5M NI decline. The stock traded up on potential sale of $2B credit card receivables. We think it's too early to estimate the impact. Stock appears fully valued. EW.” Nordstrom closed on Thursday at $61.49.
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Posted In: Analyst ColorReiterationAnalyst RatingsKimberly C. GreenbergerMorgan Stanley
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