Macy’s, Inc. M 1.07% shares fell by more than 15 percent on Wednesday when the market didn’t like what it saw from the retailer’s Q1 numbers and forward guidance. A number of other retail stocks plummeted as well on fears of a softening sales environment.

While a bit of a selloff may have been warranted, Goldman Sachs believes that a handful of stocks were overly punished for Macy’s shortcomings. Analyst Lindsay Mann believes investors should be taking advantage of the Macy’s overreaction and scooping up shares of several top retailers while they are on sale.

According to Mann, Macy’s earnings indicate “significant declines in transactions, which appear largely driven by mall traffic,” and Goldman remains “concerned about ongoing structural pressures to specialty apparel stocks.”

Specifically, the firm is bearish on Sell-rated American Eagle Outfitters AEO 2.05%, Abercrombie & Fitch Co. ANF 4.82% and Express, Inc. EXPR 3.1%.

However, Mann sees…

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