Telsey Advisory lowered the firm’s price target on Nordstrom (JWN) to $24 from $26 and keeps a Market Perform rating on the shares. The Nordstrom take-private agreement did not come as a surprise to the firm, especially as media speculation intensified over the past several days, the analyst tells investors. While the valuation is better than other takeout proposals for department store spaces in the past, it does not come at a premium, especially as the company has seen some improved momentum over the past few quarters, the firm adds. On the other hand, investors may see the valuation as reasonable given secular traffic challenges and the stock has not held the $25 level consistently in the past three years, Telsey says. The firm lowers its price target on the stock given the transaction valuation.
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