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Nordstrom Slips on Gordon Haskett Downgrade

Cherella Cox

were down slightly after Gordon Haskett downgraded the stock to reduce from hold and cut its price target to $41 from $47. Gordon Haskett analyst Chuck Grom said the company's Rack business may be "cannibalizing" its full-line segment. Glancy Prongay & Murray LLP announced earlier this month it was launching an investigation of the company and its officers on behalf of Nordstrom's investors regarding possible federal securities violations.