Nordstrom down after Citigroup downgrades to 'sell', cuts PT

Shares of Nordstrom JWN.N down about 2% at $23.42 premarket

Brokerage Citigroup cuts rating on stock to "sell" from "neutral" citing the impact of results of the pending deal

Last year, the Nordstrom family combined with Mexican retailer Liverpool to clinch a $4 billion deal to take iconic department store chain private

We certainly don’t see a higher price being offered, meaning a 1% upside if the deal goes through at $24.25. However, if the deal doesn’t go through as proposed, we see significant downside of up to 30% - brokerage

Cuts PT to $22 from $25, says the risk/reward of the deal skews negative

The deal is expected to close in the first half of 2025, JWN said last year

Thirteen of 14 brokerages rate the stock "hold" and one "strong sell"; their median PT is $24, as per estimates compiled by LSEG

Up to last close, stock down about 1% YTD