Analysts Just Cut Price Targets for These 5 Stocks

In this article, we discuss the 5 stocks that recently received price-target cuts from analysts. If you want to check out some more stocks whose price targets were trimmed by analysts, go directly to Analysts Just Cut Price Targets for These 10 Stocks. 

5. Nordstrom, Inc. (NYSE:JWN)

Number of Hedge Fund Holders: 31

Shares of Nordstrom, Inc. (NYSE:JWN) hit a new 52-week low of $18.25 on Thursday, August 25, 2022. The drop came after Barclays analyst Paul Kearney trimmed his price target for the luxury department store chain from $21 per share to $18 per share.

Kearney was moved by the company’s revised outlook for the second half and fading consumer demand. Nordstrom, Inc. (NYSE:JWN) recently announced its Q2 results. The company managed to surpass profit and sales expectations, but its performance was overshadowed by its updated full-year outlook.

Nordstrom, Inc. (NYSE:JWN) now expects adjusted earnings in the range of $2.30 – $2.60 per share and revenue growth between 5 – 7 percent for its fiscal 2022. Previously, it was looking for adjusted earnings of $3.20 – $3.50 per share and revenue growth of 6 – 8 percent.

Speaking on the results, CEO Erik Nordstrom said in a statement:

“While our quarterly results were consistent with our previous outlook, customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack. We are adjusting our plans and taking action to navigate this dynamic in the short term, including aligning inventory and expenses to recent trends, and we remain confident in our ability to deliver on our long-term strategic and financial goals.”