The Dividend Daily

Fashion retailer Nordstrom, Inc. (JWN) was upgraded on Monday by analysts at Deutsche Bank.

The analyst now rates JWN as a “Buy,” and set a $45 price target on the shares, which closed on Friday at $31.78.

The Deutsche analyst noted that “Over the last two months, Nordstrom beat FY09 comp guidance (-12% to -9%) and in Oct we expect them to accelerate to a +8%. The company’s strategy to sharpen price points, without sacrificing quality has appealed to their core customer. Sales are also benefiting from the stabilization in CA, gains from market share up-for-grabs & pent-up demand.”

Nordstrom shares rose $1.21, or +3.8%, in morning trading Monday.

The Bottom Line
We recently removed shares of JWN from our “recommended” list on Oct.28, when the stock was trading at $31.94. The company has a 2.01% dividend yield, based on Friday’s closing stock price of $31.78. The stock has near-term technical support in the $28-$30 price area. If the shares cab firm up, we see overhead resistance around the $35 price level. We would remain on the sidelines for now.

Nordstrom, Inc. (JWN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.