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Shares are down 80 cents, off 2.3% at $33.58, in the first hour of trading.

Investors have grown accustomed to the carnage sweeping through the retail sector. Still, not many were expecting Foot Locker (FL) - Get Foot Locker, Inc. Report to crash nearly 30% on Friday after a harrowing earnings report.

After trading on the highest volume over the past five years, FL stock hit its lowest levels since 2013. Revenue fell 4.5% year-over-year and comparable-store sales tumbled 6%. It's no surprise the company missed top and bottom line earnings estimates as a result. Making matters worse, management has a rather bleak outlook going forward. Is there a sneaker recession?

Of course, it only makes sense the analyst community has plenty to say about the results, too.

Analysts at Baird downgraded Foot Locker stock to neutral from outperform and assigned a $37 price target. The price target is actually $3 per share above current levels, implying some upside over the next 12 months. Clearly Baird missed the move, but they weren't alone.

UBS analyst Michael Binetti also downgraded Foot Locker, moving his rating to neutral from buy and lowering his price target to $37 from $70. E-commerce and, Inc. (AMZN) - Get, Inc. Report could make life tough for Foot Locker, he said.

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Binetti had a further read-through, downgrading shares of Finish Line (FINL) to sell from neutral based on the "structural risks" uncovered in Foot Locker's most recent earnings report. He took his price target down to $9 from $14, implying about 18% downside from current levels.

However, some are more hopeful. Citigroup analyst Kate McShane feels that Foot Locker will find protection due to its "global reach and scale." The company is also very good with inventory management. Comp-store sales should do well in the fourth quarter and fiscal 2018 should be better than expected. Therefore, the selloff in FL stock is a buying opportunity.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.