Ahead of the Bell: Nordstrom rises on results

The stock gained $1.07, or 2.9 percent to $38.36 in premarket trading.

On Thursday, the Seattle-based company said first-quarter profit plunged 24 percent to $119 million, or 54 cents per share. Analysts polled by Thomson Financial expected earnings to fall to 49 cents per share, on average.

In a note to investors, PiperJaffray analyst Neely J.N. Tamminga reiterated her "Buy" rating on Nordstrom, predicting greater store expansion, sales and margin growth in the women's apparel segment, more attention to its consumer loyalty program and expansion of its direct-to-consumer business.

Tamminga maintained a $41 price target on the stock, implying a 10 percent return.

However, Goldman Sachs analyst Andrianne Shapira downgraded Nordstrom to "Neutral" from "Buy" in a note, saying higher energy prices are pressuring the broader retail segment.

She also downgraded her on-mall coverage view to "Neutral" from "Attractive," predicting oil prices will climb to $149, raising gasoline prices and dampening mall business.

Shares of Nordstrom have traded between $28 and $55 in the last 52 weeks.