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Cowen: It Looks Even More Like Amazon Will Become America's Top Clothing Retailer in 2017

It's been a tough few weeks for retailers, and today is no different. But there is one exception: Inc. Whereas XRT, the SPDR S&P Retail ETF is down over 4 percent, as of 2:30 PM e.t., Amazon shares are up over 2 percent.

One driver of the retail selloff is Macy's Inc., whose earnings report sent shares tumbling this morning after the retailer cut profit forecasts and missed analyst estimates on revenue. That's the opposite of what happened to Amazon last week when the web giant blew past analyst estimates. Given this recent action in the retail space, analysts at Cowen and Company are reiterating their call for Amazon to displace Macy's as the number one U.S. apparel retailer by next year.

"[Our calculation] implies a...