Foot Locker Inc.’s Chief Executive Richard Johnson emphasized that the athletic retailer is “optimistic” about the back half of the year during the second-quarter earnings call, but Susquehanna Financial Group analysts say the company is too optimistic and downgraded the stock to neutral from positive.

Analysts also cut their price target to $39 from $46.

On Friday, Foot Locker FL, -0.21% reported an earnings and sales miss that sent shares plummeting nearly 19%.

Still, the company said it continues to expect full-year mid-single-digit same-store sales gains, and high-single-digit earnings-per-share gains, though gross margin is now expected to be up 10-to-30 basis points, slightly lower than the previous outlook.

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“For the back half of 2019, we are optimistic about the upcoming unique product concepts and the overall product line,” said Johnson, according to a FactSet transcript. He reiterated the company’s optimism later in the call.

“We recognize that the stock is trading at what appears to be bargain-basement level,” wrote Susquehanna analysts led by Sam Poser. “However the first half 2019 same-store sales increase of 2.8% means that Foot Locker will have to produce second-half same-store sales of at least 4.3% growth just to get to the lowest end of the mid-single-digit increase for fiscal 2019.”

Foot Locker reported same-store sales growth of 4.6% for the first quarter and 0.8% for the second quarter.

“Our checks do indicate that the new product offerings for the back half of the year form the major vendors are compelling, but we are concerned that such new offerings won’t be enough,” Susquehanna wrote. “It would have been prudent of management to formally reduce fiscal 2019 expectations rather than ‘remain optimistic,’ in our view.”

Baird analysts also downgraded Foot Locker, to neutral from outperform, and slashed their price target to $37 from $54.

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“We remain optimistic regarding Foot Locker’s strategic positioning supported by FLX loyalty, connected inventory/point of sale, and other initiatives which will scale over time,” analysts led by Jonathan Komp wrote. FLX is the company’s loyalty program.

“However, until Foot Locker can deliver more consistent comps/margin expansion, doubts about longer-term growth outlook seem likely to persist.”

Analysts still think the retailer is taking the right steps to be a “vital partner” to brands like Nike. Inc. NKE, -0.41% . But some of these new measures, like the loyalty program, will take time to scale.

“Foot Locker’s commentary did little to reassure the company can reach fiscal fourth-quarter comps,” analysts said.

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Wedbush analysts are more bullish about the outlook, saying new product and the market for athletic gear are factors that “should support achievability.” Analysts focus instead on the same-store sales improvement the company experienced throughout the second quarter “with July likely up mid-to-high-single digits on a two-year stack basis.”

Wedbush rates Foot Locker stock outperform, but slashed its price target to $50 from $64.