Struggling Nordstrom is going all-in on New York City in a major turnaround attempt - but the market doesn't seem to care

Rating: Market perform

Price target: $32

"Nordstrom's entry into the New York market should help drive a multiyear sales lift in the region, which the company has previously identified as a $700 million-plus full-price opportunity," Dana Telsey of Telsey Advisory Group wrote in a Wednesday note.

"However, for the company overall, we continue to look for indications that marketing efforts and improvement in product assortments are helping to drive traffic/conversion following weak sales performance over the past three quarters."

Rating: Neutral

Price target: None

"We believe expansion in NYC is a logical next-step for Nordstrom's market strategy, given its size," Guggenheim Securities' Robert Drbul wrote in a note Tuesday after Nordstrom's soft opening. Beyond NYC, the company has plans to open stores in San Francisco, Dallas, and Chicago by the holiday season in late 2019.

He added: "The primary goal of such expansions is ultimately to gain share faster and grow in these key markets. The company believes it has built the backbone for its local market strategy in LA, limiting the capital intensiveness/ investment needed to expand the strategy to additional markets."