The recent stock market sell-off has presented buying opportunities in the clothing sector, despite the likelihood that attempts to tackle the budget deficit will put further pressure on consumer spending.Analysis conducted by Panmure Gordon reveals clothing purchases have been less discretionary than, for example, household goods purchases over the past 3- 5 years.That was backed up by retail sales data from the BRC published earlier this week. "We think that recent share price falls due to global uncertainty have provided buying opportunities in this subsector," writes Panmure analyst Jean Roche. "Specifically, we think Next, M&S, and Ted Baker look undervalued."Roche has M&S as a 'buy' with 405p price target. The high street giant recently reported market share gains in clothing where the broker sees growth as well as cost-saving opportunities. "We see considerable upside in young fashion brand Ted Baker (Buy, 608p target) shares, which are trading on an almost 40% discount to our basket of international peers," Roche adds. Others worth a mention include NBrown, rated a 'buy' with 315p target, and ASOS, also a 'buy', with 635p target.