Nordstrom (JWN) - Get Report shares are rising Friday after the Seattle upscale-department-store chain reported stronger-than-expected fiscal-third-quarter results and an improved outlook, leading a slew of analysts to produce bullish notes.
Analysts at Wedbush, Telsey, Evercore ISI and others all praised the stock following its strong quarter.
"JWN's solid quarter again comes on the heels of Target's impressive buy-online-pickup-in-store-led performance," analyst Omar Saad wrote.
This "should increasingly solidify in investors' minds that Nordstrom really is the digital leader among department stores and that the years of investments really are finally starting to pay off."
Cowen affirmed Nordstrom outperform but raised its price target to $37 a share from $35.
"We are encouraged by [the] results and management's commentary about progress at off-price as sales turned positive for the first time in FY19 and improved +1.2% year over year," analyst Oliver Chen said.
"Furthermore, continued inventory discipline resulted in fewer markdowns, and an eighth consecutive quarter of improved inventory turns, which drove improved segment profitability."
Wedbush's Jen Redding said Nordstrom had an "impressive quarter and start to [the] holiday, particularly as peers disappoint." The firm maintained a neutral rating and $36 price target on the stock.
Meanwhile, Dana Telsey of Telsey Advisory maintained her market perform rating but raised the price target to $40 from $32. Telsey said that her firm is taking a "wait and see" approach while "waiting for the dust to settle" after the results.
Nordstrom shares are up 8.2% to $37.13 at last check Friday.