By Dhirendra Tripathi
Investing.com – Nordstrom (NYSE:JWN) shares jumped 8% Friday’s after Jefferies (NYSE:JEF) initiated coverage of the company with a buy rating, citing post Covid-19 potential for its optimism on the luxury department store chain.
At its current level of $40, the stock of the Seattle-based company is just 20% off Jefferies’ $48 target price.
"We see the potential for the company to meld a legacy of curation, forward edge fashion, with unique partnership models and data-powered maximization of local markets. In addition, the off-price business represents a significant growth contributor," Seeking Alpha quoted Jefferies analyst Stephania Wissink as saying in the report.
The current consensus among 10 TipRanks analysts is for a ‘hold’ on Nordstrom shares, with an average price target of $38.7.
The analysts’ price targets range from a high of $45 to a low of $28.