Stay away from Foot Locker's stock despite its cheap valuation, Cowen says

Shoppers stand in line to enter a Foot Locker Inc. store at the Queens Center shopping mall in the Queens borough of New York, U.S., on Wednesday, Sept. 9, 2020.
Peter Foley | Bloomberg | Getty Images

Foot Locker shares may look cheap after a pullback this year, but Cowen says investors should stay away.