BMO Capital analyst Simeon Siegel initiated coverage of Nordstrom with a Market Perform rating and $39 price target, saying that fiscal 2019 will represent the company's first revenue decline since the 2008 financial crisis. With the traditional department store model stalling, management made a push into off-price via Nordstrom Rack, as well as initiatives including HauteLook, Trunk Club, and Jeffrey boutiques, Siegel tells investors in a research note. The analyst added, however, that this year's revenue drop serves as a "strong reminder" that Nordstrom is still a store selling mostly other people's goods which can be bought elsewhere.