Baird analysts Jonathan Komp and Benjamin Bray noted today though that some of the retailer's concerns may be temporary.
"FQ1 disappointed and a slowdown in April and implied into May sparked concerns about broader trends. However, slower comps (during low-volume period) should prove temporary with continued strength for Adidas (ADDYY) (as newer franchises offset Superstar/Stan Smith) and Puma, and perhaps a resurgent Nike (NKE) - Get Report supporting visibility to a 2H acceleration," they wrote.
"Valuation levels are at historic lows ex-recession, and cost controls plus buybacks protect against material additional EPS downside. Trimming estimates/price target, but recommend purchase," the analysts added.
Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.