BUZZ-Nordstrom down after Citigroup downgrades to 'sell', cuts PT

Reuters2025-04-04
BUZZ-Nordstrom down after Citigroup downgrades to 'sell', cuts PT

** Shares of Nordstrom JWN.N down about 2% at $23.42 premarket

** Brokerage Citigroup cuts rating on stock to "sell" from "neutral" citing the impact of results of the pending deal

** Last year, the Nordstrom family combined with Mexican retailer Liverpool to clinch a $4 billion deal to take iconic department store chain private

** We certainly don’t see a higher price being offered, meaning a 1% upside if the deal goes through at $24.25. However, if the deal doesn’t go through as proposed, we see significant downside of up to 30% - brokerage

** Cuts PT to $22 from $25, says the risk/reward of the deal skews negative

** The deal is expected to close in the first half of 2025, JWN said last year

** Thirteen of 14 brokerages rate the stock "hold" and one "strong sell"; their median PT is $24, as per estimates compiled by LSEG

** Up to last close, stock down about 1% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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