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Shares of lululemon athletica (NASDAQ:LULU) closed higher on Thursday, after investors began snapping up bargains among beaten-up retail stocks following a somewhat optimistic note from an influential analyst team.

At 4 p.m. EDT, Lululemon’s shares were up about 10.4% from Wednesday’s closing price.

Like most retailers, Lululemon’s had had a rough couple of weeks. The company’s stock fell sharply on Monday, after it said that it is closing all of its stores in North America through at least March 27 in response to the novel coronavirus pandemic.

But maybe things won’t be quite as bad as investors have feared. A note published Thursday by a team of Cowen analysts led by Oliver Chen tried to put some ballpark estimates around the likely impact of the pandemic on retailers — and that impact might not be so bad.