The company was downgraded by Telsey Advisory target price at Nordstrom (JWN) to $24 from $26 and maintains a market perform rating on the stock. Nordstrom’s private deal did not surprise the company, especially as media speculation intensified in recent days, the analyst told investors. While the valuation is better than other takeout offerings for department store spaces in the past, it’s no prize, especially since the company has seen some improvement in recent quarters, the firm adds. On the other hand, investors may see the valuation as reasonable given the secular traffic challenges, and the stock hasn’t held the $25 level consistently over the past three years, Telsey says. The company lowers its target price on the shares given the valuation of the transaction.

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