Nordstrom (JWN - Get Report) shares soared Thursday after the Seattle high-end department store cut expenses to beat earnings expectations.

But some on Wall Street aren't so optimistic. 

The stock finished up 16% at $30.75 a share. 

Nordstrom earned 90 cents a share on revenue of $3.87 billion. Analysts were looking for 77 cents a share on revenue of $3.92 billion. Sales fell 6.5% year over year in the quarter. 

Management lowered full-year earnings expectations to $3.25 to $3.50 a share. 

But some analysts located some problem areas for the company. Here's what Wall Street had to say. 

JP Morgan, Underweight, Lowered Price Target to $26 From $29

"We see risk to JWN's plan for an inflection in profitability in the back half of 2019 and continuing through its five-year plan to 2022, given slowing same-store sales at full line. Multiyear, we lower our fiscal year 2021 EPS power to $2.70 with incremental potential risk to our embedded sales assumption (-0.8% in 20/21 vs. -2.6% in fiscal year 2019) and sustainability of continued [selling, general, administrative] efficiencies." 

- Matthew Boss

KeyBanc, Overweight, Lowered Price Target to $48 From $52

"We are decreasing our 12-month price target to $48 from $52 because of near-term merchandising issues that are negatively impacting revenues. While progress has been slower than initially anticipated, we still hold to our upgrade thesis that Nordstrom is well positioned in an omnichannel environment. Second-quarter results were solid, and as expected, expense control helped offset sales pressure." 

- Edward Yruma 

Wedbush, Neutral, Price Target $24 (Unchanged)

"We see Nordstrom's expense management and inventory discipline as impressive, and can see the long-term value opportunity taking shape with shares near historical lows and valuation at unprecedented multiples, although we look for more positive sales and promotional trends before becoming more constructive on shares. Our data continues to turn less and less positive for department stores with discounting up across the board -- indicative of an increasingly fierce competitive environment." 

- Jen Reddin

Deutsche Bank, Hold, Price Target $35 (Unchanged)

"While we applaud the company's expense management and improving inventory position (-6.5%; second straight quarter at a positive spread to sales ratio), we find it difficult to believe the top-line second-half outlook as it implies 400 basis points improvement -- a hefty acceleration, in our view, despite the company's highlighted initiatives. More importantly, we still question JWN's ability to generate EBIT growth (lowered top-end of guidance to $805M-$855M from $805M-$890M) in the midst of declining sales in an unfavorable and promotional apparel backdrop." 

- Pat Trussel

Goldman Sachs, Sell, Price Target Lowered to $29 From $30

"We update our fiscal year 19E/FY20E/FY21E EPS estimates to $3.04/$2.93/$2.80 from $2.96/$2.84/$2.69 to reflect the second quarter beat, stronger gross margins from the Anniversary Sale flow-through in the third quarter. Our price target is based on 4.5x Q5-Q8 EV/EBITDA (vs. 4.75x prior), where we lower our target valuation range to reflect a more challenging department store operating environment and higher operational risk." 

- Alexandra Walvis

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