Piper Jaffray Reiterates Overweight for Nordstrom After Guidance (JWN)

Piper Jaffray analysts reiterated an Overweight rating for Nordstrom (NYSE:JWM) after the company reported inline Q2 results and reaffirmed its FY11 guidance. Nordstrom guides FY11 EPS in a range of $2.50-$2.65.

The analysts said, "Following a successful Anniversary Sale Event (pre-sale of new, fall goods) in July and our expectation for continued market share gains during back-to-school selling in August and September, we recommend that investors take advantage of share price weakness and Overweight their JWN positions in view of our $51 price target. A recent pullback in share on overall concerns about the consumer and the U.S. economy may be missing the bigger picture for Nordstrom's top-line outperformance and market share gains."

Piper gives Nordstrom a $51 price target, based on 17x FY12E EPS of $3.03.

Shares of JWN are currently trading at $33.44.