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Shares of Nordstrom (JWN) - Get Nordstrom, Inc. Report  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.

The full-line segment "is clearly under some duress," with physical stores having "comped negative" in each of the past four years, the analyst wrote.

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. There are concerns the company's Nov. 15 report, noting poor sales and growth, and erroneous charges to credit card holders, caused the stock to sharply fall, injuring investors.

The 24 analysts following the stock gave Nordstrom an average rating of hold and target price of $49.88, according to FactSet. Ratings were disclosed for most of them: one buy, one overweight, 15 holds and one underweight rating.

Analysts lowered their consensus one-year target price for the stock by 15% in the past three months, according to Bloomberg.

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The stock was trading at $43.30, down 0.35%.

Nordstrom's market cap is currently $6.85 billion and has a P/E ratio of 13.03.

The SPDR S&P Retail ETF (XRT) - Get SPDR S&P Retail ETF Report was up 0.61%, or 27 cents to $44.40.

Trading in options of Nordstrom rose to more than 17 times the 20-day average for this time of day, according to Bloomberg.

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