Please select the second broker

Author: Alan LittleDate: 2021-03-15

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. 


Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.