Credit Suisse Has Positive Outlook for Nordstrom - Nordstrom (NYSE:JWN)

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In a report published Friday, Credit Suisse analyst Michael Exstein reiterated an Outperform rating and $78.00 price target on

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Nordstrom

(NYSE: JWN).In the report, Credit Suisse noted, “Total company comp sales increased 3.9% y/y, helped by Rack comps up 1.7% and Direct sales up 22% y/y, while full-line comps were flat. Accessories, cosmetics and men's apparel were the best performing categories. Sales growth of 8.9% was well below inventory growth of 24.1%. Management noted that while approximately 75% of the inventory increase was planned due to new store and online growth, the remainder was over planned inventory growth at Rack. Inventory per square foot rose 18%, and payables as a % of inventory declined to 75.1% from 80.7%.”Nordstrom closed on Thursday at $73.25.