Tropical Depression 16 has not yet formed into Tropical Storm Nate, but it is expected to do so today. It now appears that it may not reach hurricane status by landfall, although it's still possible. The Euro track has shifted further west, which is more in line with what the GFS was predicting, so it does appear that New Orleans is the most likely area of landfall. The GFS and Euro both keep it as a minimal tropical storm at landfall, although the National Hurricane Center is still forecasting it to be a hurricane at landfall.
The following image shows the latest information from the National Hurricane Center:
