Opinions
Stan Wong
Nordstrom Inc
JWN-N
COMMENT
Jul 10, 2013
$62.590
Stock price when the opinion was issued
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HOLD
A great company, one of the leading retailers out there. Very good e-commerce platform. Growing sales. But they are going through a high investment cycle. They traditionally trade at around a 15X forward multiple of earnings, and now are close to 20 or 21 times, so they are on the expensive side.
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SELL ON STRENGTH
Bullish or bearish market outlook? He doesn't see 5 interest rate hikes this year + 1 in 2023, like Goldman predicts, not with what's happening globally. He never thought this would be a quick military incursion by Russia. That said, that doesn't matter if an investor is long-term. Buy stocks on dips like this? Absolutely. But buy high-flying stocks with 55+ PE's? No. Be disciplined. Don't buy a stock which reported great earnings and expect that stock to keep rising. Nordstrom just exploded to the upside on a strong earnings report; so sell it and don't sit on those gains.
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Likes the major US retailers like this one. Stock is very, very strong. But his “go to” name in that retail space would be Macys (M-N) that has a much better valuation, cheaper peg ratio and better growth