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Trader: I never thought this would be a value stock

After a 30 percent decline in Michael Kors' shares over the last year, the one-time high-flying stock is starting to look like more of a value play, according to Metropolitan Capital Advisors President and "Fast Money" trader Karen Finerman.

Finerman noted the retail stock is back near levels it saw in 2013. "We're right back where we were when it earned $1.97 and had a price-earnings ratio of 31," said Finerman. "And now it's going to earn $4.80 with a price-earnings ratio of 14."

However, many analysts are more cautious on Michael Kors, despite a seemingly attractive valuation.

William Blair research analyst Amy Noblin spoke cautiously of Kors' growth in her note on the company's most recent earnings report.

"We sensed there was less conviction on near-term growth rates given current shifts in the global landscape and ongoing investment, with greater clarity expected with the company's fiscal fourth-quarter results," said Noblin.

However, Finerman said investors have overpenalized Michael Kors' stock for its decline in growth rate. She said the current price around $66 per share is a good entry point for the stock and recommends taking profits at $75 per share and getting out at $80.

As far as product obstacles, Finerman acknowledged that the Apple Watch could be a headwind for Kors.

When the Apple Watch is released on April 24, it could take away from Kors' watch sales. While Kors doesn't have a smartwatch on the market, the price point of the Apple Sport at $349 will compete directly with Kors watches, many of which are in the $300 range.

Principal at Canaccord Genuity, Camilo Lyon, has bigger concerns about broader issues ahead. He downgraded Michael Kors in February to "hold" from "buy," citing the breadth of promotions at Kors as a red flag.

"With no urgent need to buy (due to ample product availability and a consistent markdown strategy), we believe the KORS consumer has become conditioned to wait for the sale."

Trader disclosure: Karen Finerman is long KORS.