The reaffirmation of the Market Perform rating and the $19 price target by Telsey Advisory Group suggests a neutral outlook on Nordstrom's stock in the short term. This indicates that the analyst believes the stock is fairly valued at its current level, neither significantly undervalued nor overvalued. Therefore, the impact on the stock price is likely to be neutral in the short term, as the market has likely already priced in the expectations set by the analyst.