If you’re looking for a Nordstrom bull, you’d be hard pressed to find someone more enthusiastic about the company than Fast Money trader Patty Edwards.
So why does she say take profits?
In a live interview, Edwards tells us she sold out of her position because over the next 3 to 4 quarters she doesn’t see strong tailwinds for the stock.
”I can see shares trading up to $55,” she tells us “but at $49 (where the stock was trading at the time of the interview) I think there are better places to put money to work,” she says.
”They’re up against some harder comps and they’ve already benefited from improving credit trends,” she says.
In other words it's not a fundamental call on the company, even though Nordstrom's earning report disappointed the Street, at least on a relative basis, with spending weighing on results.
Instead Edwards is making a trading call because she thinks the stock reflects fair valuation. ”It’s simply time to reallocate capital,” she says “But I still like Nordstrom over the long-term.”