Banc of America Raises Nordstrom to 'Buy'

Analyst Dana Cohen says he's encouraged by the retailer's efforts to control expenses and inventories

Banc of America upgraded Nordstrom (JWN ) to buy from market perform..

Analyst Dana Cohen says after talks with management on Wednesday, he is very encouraged by ongoing expense and inventory initiatives. He believes expectations surrounding the stock are extremely low, given management's conservative planning and the potential for upside to EPS estimates. He is raising the $0.96 fiscal 2003 (Jan.) EPS to $1.10. Cohen set a $30 target.

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