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Macy’s (M) +10%, Nordstrom (JWN) +11% on positive Jefferies coverage
Macy’s (M) and Nordstrom (JWN) climbed 10% and 11% respectively on Friday after Jefferies provided positive coverage for the upscale retailers.
Analyst Stephanie Wissink said that Nordstrom is now in the process of “implementing hyperpersonalized, data-driven localized strategies” as she started coverage with a buy rating and $48 price target.
Wissink is also “intrigued” by the company’s attempts to shake up its core model and build on its legacy by combining it with new fashion and partnership models.
Nordstrom, which now operates 100 stores in the US, traded higher on the New York Stock Exchange during the final session of the week, eventually closing 10.61% up at $41.37.
Macy’s also made notable gains after Jefferies said that it was one of the few “survivors” in the department store space and that sales had held up well during the pandemic.
Wissink believes that Macy’s, along with Nordstrom and Kohl’s (KSS), will benefit from the physical retail rebound, which is expected later this year.
She forecasts that most stores will be able to bounce back and recover up to 90% of pre-COVID store sales.
However, Wissink says that investments in digital platforms and partnerships will be needed due to growing competition in retail in the coming years.
Macy’s shares soared out of the gate on Friday and eventually finished 9.89% higher at $18.73.
L Brands (LB) also jumped 8.9% after the fashion retailer, whose brands include Victoria’s Secret, said that its Q1 earnings would be better than previously anticipated.
L Brands expects earnings per share to top out at $0.65, rather than the higher end of $0.45 that was previously guided for.
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