Shares of athletic-gear retail chains Dick’s Sporting Goods Inc. and Foot Locker Inc. tore in opposite directions on Thursday after the former struck a $2.5 billion deal to buy the latter, prompting analysts to question the benefits and the risks.

Analysts are not sold on the deal, which adds a struggling retailer to Dick's strong portfolio, but executives expressed confidence they could turn Foot Locker around.

Dick’s, the retail leader in sporting goods, will acquire Foot Locker, the leading specialty footwear retailer, for $2.4 billion. Both depend heavily on sneaker sales.