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J.P. Morgan downgrades Gap, keeps Nordstrom at Sell citing margin headwinds

The Gap, Inc.(NYSE:GPS)and Nordstrom(NYSE:JWN)both lose nearly a fifth of their value in their pre-m

J.P. Morgan downgrades Gap, keeps Nordstrom at Sell citing margin headwinds

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Morgan maintains its sell rating on Nordstrom (JWN), which blamed higher labor costs for its&nbsp;earnings miss.&nbsp;Shares are&nbsp;down 25.27%&nbsp;since the announcement.</p>\n<p>Analyst Jay Sole writes that the earnings report increases the Sell thesis conviction.</p>\n<p>\"We think the Street underestimates the pressure on JWN earnings from share loss as consumers' migrate to online pureplay channels, retailers with better value-for-money propositions such as Off-Price retailers, and brands' own channels,\" says Sole. \"We also believe many underestimate how difficult it will be for JWN to re-leverage fixed costs.\"</p>\n<p>J.P. Morgan believes that the environment could become more challenging for Nordstrom given its vulnerability to small profitability changes and more promotional activity next year. 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Morgan downgrades Gap, keeps Nordstrom at Sell citing margin headwinds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-24 23:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3774268-jpmorgan-downgrades-gap-keeps-nordstrom-at-sell-citing-margin-headwinds><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Gap, Inc.(NYSE:GPS)and Nordstrom(NYSE:JWN)both lose nearly a fifth of their value in their pre-market as analysts find few positive notes in the retailers' earnings releases Tuesday.\nAt J.P. ...</p>\n\n<a href=\"https://seekingalpha.com/news/3774268-jpmorgan-downgrades-gap-keeps-nordstrom-at-sell-citing-margin-headwinds\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/3774268-jpmorgan-downgrades-gap-keeps-nordstrom-at-sell-citing-margin-headwinds","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1114968227","content_text":"The Gap, Inc.(NYSE:GPS)and Nordstrom(NYSE:JWN)both lose nearly a fifth of their value in their pre-market as analysts find few positive notes in the retailers' earnings releases Tuesday.\nAt J.P. Morgan, The Gap is downgraded to Neutral from Buy as EPS came in 46% below consensus due to supply chain headwinds.\nAnalyst Matthew R. Boss says that it will be challenging for the company to achieve a 500 bps EBIT margin as previously expected. EBIT margin is guided to ~5% in the current year.\nJ.P. Morgan lowers its price target on the stock to $22 from $39 compared to the average price target of $32. Shares are down 21.74% pre-market.\nMeanwhile, J.P. Morgan maintains its sell rating on Nordstrom (JWN), which blamed higher labor costs for its earnings miss. Shares are down 25.27% since the announcement.\nAnalyst Jay Sole writes that the earnings report increases the Sell thesis conviction.\n\"We think the Street underestimates the pressure on JWN earnings from share loss as consumers' migrate to online pureplay channels, retailers with better value-for-money propositions such as Off-Price retailers, and brands' own channels,\" says Sole. \"We also believe many underestimate how difficult it will be for JWN to re-leverage fixed costs.\"\nJ.P. Morgan believes that the environment could become more challenging for Nordstrom given its vulnerability to small profitability changes and more promotional activity next year. 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J.P. Morgan downgrades Gap, keeps Nordstrom at Sell citing margin headwinds

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