Analysts at Baird contend Foot Locker (FL) - Get Report is a buying opportunity despite an over 16.5% drop in shares on Friday after it reported disappointing earnings.

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.