Morgan Stanley analyst Kimberly Greenberger downgraded Nordstrom to Underweight, the firm's equivalent to a sell rating, from Equal Weight. Greenberger believes that Nordstrom's superior service, product and multichannel experience sets it apart from peers and should keep it relevant long-term, but she also notes that it is not immune to the secular decline driven by a shift to lower margin e-commerce sales that is plaguing the broader department store industry. Citing recent data that signal downside risk to the company's Q4 guidance, including December store checks that indicated broader and deeper markdowns, the analyst trimmed her estimates for the quarter. Greenberger lowered her price target on Nordstrom shares to $45 from $61.