UPDATE: Topeka Capital Markets Initiates Coverage on Nordstrom with Buy Rating, $63 PT on Expected Future Expansion

In a report published Thursday, Topeka Capital Markets analyst Dorothy S. Lakner initiated coverage on Nordstrom JWN with a Buy rating and $63.00 price target. In the report, Lakner noted, “We are initiating coverage of Nordstrom Inc. with a Buy rating and a $63 price target. We believe JWN should continue to benefit from the ramp-up in spending from affluent customers in a recovering economy, from a still early comeback in its women's apparel business as well as its leadership in multi-channel retailing. As JWN continues to expand over the coming years, with key full-line stores opening in Canada and in Manhattan, its off-price Racks and direct businesses, we believe the shares should more fully reflect JWN's growth potential amongst affluent customers.” Nordstrom closed on Wednesday at $55.81.