Nordstrom, Inc.
JWN
pitch
long
Tanya Kostrinsky ’20, Stephanie Moroney ’20, Miaozi (Vivian) Wang ’20
Thesis
Nordstrom is undervalued compared to its peers, trading at a six-turn valuation discount despite better performance and growth opportunities in the off-price segment through Nordstrom Rack. The company is expected to generate strong cash flows and has a favorable risk-reward profile, with a target price of $94 representing a 46% upside.
Did it work?
failed
confidence: high
The long thesis for Nordstrom anticipated a significant upside of 46% with a target price of $94. However, the stock has declined by 55.7% since the pitch, indicating that the anticipated valuation correction and growth opportunities did not materialize as expected.
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