Nordstrom might have announced its long-awaited plans toenter Manhattan, but at least one analyst expects theupscale chain to have less-than-overwhelming sales results for thesecond half of the year.
A Citibank analyst downgraded Nordstrom, Macy's and Saksstocks, citing lagging consumer confidence and a slow economicrecovery. All three were cut from "buy" to neutral.
One take we agreed with on the downgrade was this one by Forbes defending Macy's. Macy's.it points out, doesn't exclusively target high end customers andhas something available at every price point.
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