Buy Nordstrom Stock, Analyst Says. Stronger Results Are on Their Way.

Nordstrom JWN –1.90%  stock earned a thumbs-up from Argus Research, which says better days are ahead for the luxury department store.

Analyst Kristina Ruggeri upgraded her rating on the stock to Buy from Hold, with a price target of $23.

Earlier this month, Nordstrom (ticker: JWN) posted fourth-quarter adjusted earnings of 74 cents a share, while analysts had penciled in earnings of 67 cents a share, according to FactSet. Total net sales for fourth quarter slid 4.1% year over year. Read more at Barron’s.