Nordstrom downgraded to Reduce from Hold at Gordon Haskett

Gordon Haskett analyst Chuck Grom downgraded Nordstrom to Reduce from Hold with a price target of $13, down from $20. The set-up for Nordstrom "continues to erode," said Grom, who thinks the Rack is "clearly ceding share" and has little visibility on when, or how, this will reverse course. Look ahead to 2023, it is "hard for us to underwrite a scenario where trends improve at either banner," Grom tells investors.