Fashion appeal maker Vince Holding (NYSE: VNCE) is getting pounded (-12.2%) this morning following earnings and concerns from the call that North American wholesale growth is slowing. Piper Jaffray analyst Erinn Murphy said this exacerbates the "short seller" story.

Murphy commented, "The concern circling during the call was that North American wholesale growth is planned flat to down led by women's (the core of the business) trending down."

She continued, "From our perspective, the company is working to better control their markdown levels and inventory--which both got out of control during 2014. We believe management's guidance was prudent and while the EPS range didn't come as a surprise to the buyside, the commentary around the women's deceleration did. We are favorable that the team is actively reducing exposure in offprice and focused on controlling their destiny with retail which saw a much-improved comp trend in Q4."

On what to do with the stock, the analyst said while they recognize the stock is in a "show-me situation", with shares trading at <18x this year and long-term drivers across int'l and new categories, the reaction seems over done. She said if you are short the stock "we would cover now."

"While 2015 is a reset year, we believe the drivers for DD top and bottom line growth exist beyond 2015," the analyst addded. "Guidance appears to be conservative enough." The firm maintained an Overweight and price target of $37 but will revisit their model and estimates later this morning.

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Shares of Vince Holding closed at $21.39 yesterday.