- Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on the shares of Nordstrom Inc JWN with a price target of $25.00.
- The company announced that CFO Anne Bramman would be departing the company on December 2, 2022.
- Michael Maher, JWN's current chief accounting officer, will serve as interim CFO while the company conducts an internal and external search for Bramman's permanent replacement.
- The analyst said Bramman's departure comes as a bit of surprise, particularly ahead of the upcoming holiday season.
- However, Telsey noted seeing somewhat of an elevated level of management turnover across her coverage in recent months as executives (and companies) look for a change after two turbulent and challenging years.
- Nordstrom's incoming CFO will likely continue to focus on the Nordstrom Rack turnaround, merchandise margin expansion opportunities, SG&A and supply chain management, and new avenues to engage with its customers to maintain its favorable positioning across the department store space, noted the analyst.
- Telsey anticipates that Nordstrom will name a seasoned executive for the CFO role.
- While the search will likely take some time, especially for an external hire, the analyst believes Maher is well-positioned for the interim role considering his tenure and existing leadership role at JWN.
- The analyst also cited management reaffirming its FY22 outlook, as outlined with its 2Q22 results in late August.
- Price Action: JWN shares are trading lower by 1.73% at $19.63 on the last check Wednesday.
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