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Piper Jaffray Maintains Overweight, $61 a share on Nordstrom

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Piper Jaffray reiterates its Overweight rating and $61 price target on Nordstrom (NYSE: JWN) in view of gains from the company's anticipated loyalty program.

Piper Jaffray says, "As we look into 2012 and beyond, we believe Nordstrom is poised to gain market share as it rolls out its revamped Fashion Rewards program, potentially setting JWN up for upside as we move throughout the year. Based on our analysis, we believe the re-launch of Fashion Rewards could add $0.32 to FY14 EPS, as newly enrolled customers increase their average spending and rewards incentives have only a trivial impact to merchandise margins, versus our published estimate of $4.08."

JWN closed at $48.55 a share on Friday.

Posted-In: Piper JaffrayAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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