One market watcher is making the bull case for Nordstrom ahead of its quarterly earnings report coming Thursday afternoon.
Mark Tepper, president and CEO of Strategic Wealth Partners, would recommend buying shares of the company into earnings. Here are his reasons.
• Nordstrom, widely reported to be working toward going private, looks like a buy at current levels. CNBC reported last week the company was moving toward a go-private deal before earnings. The report sent Nordstrom shares surging.
• The company is successfully bridging the gap between brick-and-mortar retail and e-commerce. The company has a combination of high-end locations, more discount Nordstrom Rack locations and growth in online sales.
• The company opened a Nordstrom Local location late last year in California, which combines several experiences for shoppers like a personal stylist.
• Investors interested in Nordstrom may want to consider buying the stock ahead of its earnings report coming Thursday after the closing bell.
Analysts are largely expecting Nordstrom to report earnings of $2.95 per share, according to FactSet estimates.
Bottom line: Nordstrom shares are a buy ahead of earnings due out on Thursday afternoon, according to one market participant.
Disclosure: Both Mark Tepper and his firm own Nordstrom stock.