UPDATE: Sterne Agee Initiates Nordstrom With Buy on Effective Model In Retail

In a report published on Wednesday, analysts from Sterne Agee initiated coverage on Nordstrom (NYSE: JWN) with a Buy rating and $70 PT.

In the report, lead analyst Charles Grom commented that, "A key tenet to our Barbell Strategy is to recommend retailers with LT structural advantages and with its (1) limited promotional reliance; (2) upscale targeted demographic; (3) variable cost model; (4) multi-channel growth capabilities; (5) greater product differentiation; and (6) forward-thinking management team, Nordstrom fits into this strategy nicely."

Nordstrom closed on Wednesday at $58.02.