Stifel downgraded Crocs (CROX) to Hold from Buy with a price target of $85, down from $127. The firm believes the thesis on the shares is shifting amid limited visibility into sales growth. It sees muted growth prospects for a revenue recovery for Crocs through 2026. The company’s “challenging” U.S. trends are compounded by a pullback on promotions, the analyst tells investors in a research note. Stifel believes Crocs’ valuation multiple will stay under pressure until visibility to sustained revenue growth improve.
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