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Shares of Nordstrom (NYSE: JWN) fell over 2% after KeyBanc downgraded the stock from “Overweight” to “Sector Weight,” citing limited potential for stock price upside related to a proposed go-private transaction at $23 per share in cash.
As of 12:48 PM, Nordstrom shares were trading at $22.15, down 2.16%.
KeyBanc analyst Ashley Owens noted that while the firm views Nordstrom’s 2024 strategic priorities favorably, the uncertainty surrounding the go-private proposal could weigh on the stock’s potential gains. The downgrade did not include a specific price target.
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