It isn't news that the retail sector has suffered the past year due to rising competition from e-commerce giants such as Amazon and changing spending habits of millennial consumers.
"The group underperforms the market about 20 points year to date, and it's trading near its recessionary levels relative to the market at the end of the day," he said.
But there is one retail brand Boruchow has been bullish on.
"Cheap names where we think numbers are safe, those are the names that we kind of put out this morning. And at the top of the list is PVH," Boruchow said.
"We think that's still an inexpensive name that's growing the bottom line by 15 percent, taking market share, both domestically and internationally," he said. "And I think when you want to own a brand, PVH is one of the best positions out there."
Shares of PVH — the parent company of Tommy Hilfiger and Calvin Klein, among other apparel brands — have skyrocketed more than 25 percent year to date.
While many analysts were bearish about how Amazon's newly revealed Prime Wardrobe program could affect the already suffering department store sector, some analysts are bullish about Prime Wardrobe for retail companies that are already selling through the e-commerce giant's website. Those include several PVH brands.
Retail this year has seen poor Q1 results and the S&P Retail ETF down nearly 9 percent year to date.
Boruchow attributes disappointing Q1 results to delayed tax refunds and volatility. Despite feeling more positive about Q2 results, Boruchow isn't completely bullish about the retail sector.
"I think there's too many high-level concerns around e-commerce penetration, Amazon, and what it's doing to the retail space in general," Boruchow said. "People are worried, and when they are worried, they're not going to just dive back into the retail space. That's going to take more time.
"We're not turning full-on bullish on the retail, but there are some opportunities when you look at it."