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Upgrade Alert for Nordstrom (JWN)

By James Quinn

Nordstrom (NYSE:JWN) was upgraded from Sell to Neutral at Northcoast today. The stock closed yesterday at $38.54 on volume of 10.4 million shares, above average daily volume of 2.6 million.

Nordstrom (NYSE:JWN) has potential upside of 57.2% based on a current price of $38.54 and analysts' consensus price target of $60.58. The stock should find initial resistance at its 50-day moving average (MA) of $53.98 and further resistance at its 200-day MA of $60.36.

In the past 52 weeks, shares of Nordstrom have traded between a low of $37.99 and a high of $80.23 and closed yesterday at $38.54, which is 1% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children. The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

SmarTrend recommended that its subscribers protect gains by selling shares of Nordstrom on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $51.04. Since that call, shares of Nordstrom have fallen 23.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Nordstrom

Ticker(s): JWN