Nordstrom Inc. was downgraded to neutral from buy at UBS after new analyst data shows that its "competitive positioning is weakening" and it's now a "no-growth retailer." UBS slashed Nordstrom's price target to $33 from $65. The UBS Evidence Lab found that Nordstrom is no longer seen as the retailer of choice for business and special-occasion attire, such as an outfit for a wedding. As customers switch to discount retailers, Nordstrom looks more expensive and loses a strategic benefit. "We think this reflects a cultural shift where consumers don't think they need to invest in the type of high-quality merchandise available at Nordstrom for work as much as they used to," said the UBS note. "It also likely reflects the 'casualization' trend, where consumers are 'dressing down' more often in every part of daily life. This is not something we think Nordstrom can easily recover from." Nordstrom stock is down 2% in Tuesday trading and down nearly 34% for the year to date. The S&P 500 index [s:spx] has gained 18.4% for 2019 so far.