Argus Research upgraded JWN to "buy"
Nordstrom Inc (NYSE:JWN) stock is up 0.6% to trade at $19.65 this morning, after Argus Research upgraded the retailer to "buy" from "hold." The Wall Street firm praised Nordstrom's divesting of unprofitable parts of its business and its newfound healthy upside.
There's plenty of room for other analysts to follow suit. Coming into today, 12 of 14 covering brokerages rated JWN a "hold" or worse. Further, the 12-month average target price of $18.44 is a 6.3% discount to the equity's current perch of $19.68.
It's also worth noting that short interest represents 19.5% of the stock's available float. At JWN's average pace of trading, it would take over three days to buy back these bearish bets.
On the charts, Nordstrom stock's most recent pullback was saved by its 80-day moving average. Though down 18.5% over the last 12 months, JWN is nearly 23% higher in 2023.