The Zhitong Finance App learned that William Blair analyst Dylan Carden still maintains the “same as the market” rating of Nordstrom (JWN.US). There were previous reports that “well-known aggressive investor” Ryan Cohen is increasing his holdings of Nordstrom's large shares. Carden said the 30% share controlled by the Nordstrom family would be an obstacle for Cohen, but added that Cohen had a historic performance in driving change. Carden expects “sharp fluctuations” in Nordstrom's deal “if Gaming Station (GME.US) and 3B Home (BBBY.US) can be used as a reference.”
Nordstrom's performance over the past decade “has been erratic, and recently it hasn't performed as well as its department store peers, although it has a better brand and loyal customer base”, Carden said.
Carden believes that new companies such as Trunk Club and Local have distracted management's attention. These bets were costly and largely unsuccessful.
As of press release, Nordstrom rose 26.58% to $26.76 before the session.