Piper Jaffray Ups PT On JWN To $60

Piper Jaffray has raised its price target on Nordstrom (NYSE: JWN) from $53 to $60 after the release of FQ1 earnings.

In the report, Piper Jaffray writes, “We are reiterating our Overweight rating on JWN shares following Nordstrom's FQ1 earnings release in which EPS beat our estimate by five cents. Management updated its full-year outlook to incorporate the completed acquisition of HauteLook as well as additional share repurchases. We continue to believe that Nordstrom's commitment to technological innovation is positioning the company for further market share gains in coming years, and as such we view this as an attractive entry point for the shares.”

Piper Jaffray, as mentioned above, also maintains its Overweight rating on the stock.

JWN closed yesterday at $49.17.