Crocs initiated with a Neutral at BTIG

BTIG initiated coverage of Crocs (CROX) with a Neutral rating and no price target Crocs has taken “the necessary steps” to reset market inventory levels and drive higher quality DTC growth across both the Crocs and HEYDUDE brands, but with the market squarely focused on the turnaround for the Crocs brand in North America, the firm sees an inflection to growth as still likely a year out and lacks conviction into the timing of the inflection given headwinds – including competition, wholesale caution, inherent hurdles to product diversification – that could delay that timing.