Shares of Nordstrom (NYSE: JWN) were giving up some of their recent gains today after the department store chain received an analyst downgrade. The stock was off 5.7% as of 3:08 p.m. EDT on Wednesday.
UBS analyst Jay Sole lowered his rating on the retailer from neutral to sell, while maintaining his price target at $30, and called the stock's recent run-up "unjustified." Nordstrom stock had gained more than 50% from its bottom in August after it started moving higher following its second-quarter earnings report.
Nordstrom Rack, the chain's discount outlet. Image source: Nordstrom.
Source Fool.com