Shares of Foot Locker (FL) have fallen over 30% this year amid concerns encompassing weakness in brick and mortar as well as Nike's (NKE) initiatives to sell more directly and on Amazon.com (AMZN) .

That said, Wedbush analysts Christoper Svezia is optimistic in the sportswear company mounting a second-half of the year comeback "despite all the noise."

"Since the 1Q print, there has been fear of NKE going more direct, on top of weakness in North America (NKE expects NA sales down for the balance of 2017), in addition to the perceived AMZN threat weighing on the name," Svezia wrote in a note obtained by Barron's.

Following discussions with Nike, Svezia remains confident Foot Locker will continue to be a "strategic account" and that several retail concepts will continue to play a role in Nike's strategy.

"Furthermore, our 8/8 expert call gave us confidence that NKE's allocation model will still greatly favor FL over Amazon (FL shoppers focus on high-end product, AMZN mainstream value)," he added.

Despite his optimism, Svezia lowered his price target on Foot Locker to $66 from $72. Shares of the retailer were lower over 1.7% during Thursday afternoon trading.

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