Jay Sole, an analyst at UBS, has increased the price target for Nordstrom (JWN) to $14.50 from $13, while still maintaining a Sell rating on the stock.

Sole points out the ongoing challenges faced by Nordstrom, particularly in competition with off-price retailers and brands that are increasingly selling directly to consumers. These competitive pressures are expected to result in further market share losses for Nordstrom, leading to downward revisions in earnings per share (EPS) and a decline in investor sentiment over the coming years.

UBS's outlook remains unchanged following the company's Q3 report, reinforcing their cautious stance on the retailer's future performance.