RBC Capital analyst Brian Tunick lowered his price target on Nordstrom to $60 and kept his Sector Perform rating, saying its Q3 results were "disappointing" in the context of a "very strong" Q2 that raised investors' hopes that its comps can be maintained in mid-single digits. The analyst notes that while the quarter had "strong" off-price comps, the results are "not enough" to justify Nordstrom's "significant multiple premium" relative to its peers. Tunick adds that he was also disappointed with the company's 7% increase in inventories and gross margin pressure.