Nordstrom (JWN) - Get Report shares were down 6.06% to $51.93 in Friday morning trading, the worst performing stock in the S&P 500 index, after JPMorgan downgraded the stock to underweight from neutral, citing a lack of "silver bullets" to drive sales in fiscal 2017.

The firm cut its price target by $7 to $48 for shares of the Seattle-based high-end retailer.

Following meetings with management, JPMorgan analysts expect Nordstrom's trend of mostly flat revenue so far this year to persist through 2018.

The company reported total sales of $3.2 billion, $3.6 billion and $3.5 billion for the first, second and third quarters, respectively, this year. Nordstrom expects full-year comparable-store sales to be roughly flat for the full year.

Co-president Blake Nordstrom told JPMorgan that the largely flat same-store-sales run-rate is unsustainable for multi-year bottom-line growth.

Management blamed brick-and-mortar traffic levels that are currently the worst since 1972 as consumers increasingly shop online, noting that there is "no easy answer" to reinvigorating foot traffic, the analysts said.

"With brick and mortar service and experience the key foundation of the Nordstrom model, accelerating channel shift to the lower conversion online channel with no sightline to equilibrium has structurally altered the company's multi-year top and bottom-line profile," JPMorgan analysts wrote in today's note.

The stock is up 3.8% year to date.