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Fears of an Amazon smackdown may have made these stocks a bargain

Fears of a death by Amazon may be overstated in shares of the few companies that can effectively resist the Jeff Bezos-led juggernaut, according to a team of Jefferies analysts.

"Amazon's (NASDAQ: AMZN) planned purchase of Whole Foods further widened the valuation spread between consumer stocks the markets views as resistant to the AMZN threat and those viewed as vulnerable," the analysts wrote. "That's opened up opportunities."

They cited stocks including Wal-Mart (NYSE: WMT) and Foot Locker (NYSE: FL) as "overly discounting the [Amazon] risk."

Amazon recently announced a $13.7 billion purchase of Whole Foods, sending shock waves across the grocery and retail sectors as fears of competition from the e-commerce giant swept the markets.

But Jefferies analyst Dan Binder suggests that Amazon's purchase of Whole Foods (NASDAQ: WFM) is a concession that physical storefronts are actually important.

"The Whole...