Nordstrom Inc. (JWN.N) shares sank in pre-market trading on Wednesday, one day after the department-store chain gave an update to its holiday sales that were seen as disappointing, prompting a number of analysts to lower their price targets.

Goldman Sachs was particularly bearish on the news, downgrading the stock and sharply lowering its target price for the next 12 months. “In short, we got this call wrong,” it admitted to clients in a note.

The stock dropped 8.5 per cent before the market opened, near its lowest level since November 2017. Based on the Tuesday close, shares have already declined about 30 per cent from a recent peak in November.

Here’s what analysts are saying:

Goldman Sachs (Alexandra Walvis)

Has “fading confidence in the outlook for the core department store business, and see choppy gross margins as likely offsetting good news on costs as the company cycles generational investments.”

Slashes price target to US$50 from US$73 “to reflect our lack of conviction on an upward inflection in full-price execution, incremental concern on the high income and tourist consumer, and recent financial market weakness.” Goldman’s previous target had been only slightly below the Street-high view of US$75.

Downgrades Nordstrom to neutral from buy and removes it from conviction list.

Deutsche Bank (Paul Trussell)

Getting an update was unexpected, but the weakness of the numbers was not.

The results “reflected weaker than expected full-line and solid off-price trends.”

Price target cut to US$62 from US$64.

Piper Jaffray (Erinn Murphy)

“Some of the tailwinds of 2018’s strong North American macro are nearing an end & geo-political uncertainty rises; dept. stores continue to have their structuring challenges & we remain concerned on the overall dept. store group into 2019.”

Lowers price target from US$47 to a Street-low US$43.