following a wave of stellar retail earnings reports nordstrom’s fiscal second quarter results weren’t enough to win over wall street an analyst at jpmorgan said the backdrop may not get much better for the retailer nordstrom stock ticker jwn was down 18 to 3118 in wednesday trading the sp 500 index was up 02 the move erased all but 1 of nordstrom’s yeartodate gains though earnings and sales beat expectations jpmorgan analyst matthew boss cut his rating on the stock to underweight from from neutral following tuesday evening’s report boss established a december 2022 price target of 34 his prior target was a december 2021 target at 39 boss noted a strong backdrop for nordstrom’s core customer with 100000 or more in household income—which includes a midteens personal savings rate the debt service ratio at 40year lows and us household wealth creation of more than 12 trillion in 2020—paired with a relatively low amount of promotional activity still produced underwhelming results compared to department store peers despite such positive developments which may be “as good as it gets” according to boss nordstorm’s sales were still lower than in the second quarter of 2019 bmo capital markets analyst simeon siegel pointed to the 2019 comparison for the stock’s reaction he wrote that the company’s anniversary sale only topped fiscal 2019’s comparable sale by 1 he thinks the company has made progress on its turnaround efforts but believes the stock already reflects such efforts siegel has a market perform rating and 28 target bofa securities analyst lorraine hutchinson expects the company’s earnings recovery to continue to lag its peers she maintained an underperform rating but raised her price objective to 22 from 19 she said the valuation reflects “the company’s weak sales and limited margin expansion potential “although nordstrom and rack sales improved sequentially both remained below f19 levels” she wrote “a stark contrast to most other retailers positively comping prepandemic levels”