Crocs price target lowered to $99 from $135 at BofA

BofA lowered the firm’s price target on Crocs (CROX) to $99 from $135 and keeps a Buy rating on the shares. Q3 guidance was “disappointing,” but the firm sees a path toward fundamentals improving beyond Q3. The firm thinks the market is “now braced for several quarters of weakness” in North America, but expects trends will gradually improve off Q3 levels, funneled by a focus on new product innovation, the analyst tells investors.