Investing.com - Cowen & Co. downgraded Nordstrom (NYSE:JWN) and also lowered its stock price target for the retailer, saying weak sales may require the closing of more stores.
In a note to clients, the Wall Street firm lowered its rating to perform and trimmed its stock forecast by about 10% to $51 a share.
Cowen says online sales have been masking a weak performance at the company's physical stores, especially at its discount unit, where sales have declined six straight quarters.
The firm says Nordstrom may need to close up to 10% of its existing stores.
Nordstrom's stock is up about 3% in the past 12 months.