Piper Sandler downgraded Crocs (CROX) to Neutral from Overweight with a price target of $75, down from $95. The shares are likely to be range-bound until the company’s sales stabilize, the analyst tells investors in a research note. Piper believes the demand headwinds facing Crocs in the U.S. could be longer lasting than investors anticipate with both the company’s brands undergoing strategic changes. The Crocs brand is pulling back on discounting and HeyDude is pulling back on performance marketing at a time when both are facing uncertainty around demand elasticity, contends Piper. The firm sees risk to Crocs’ Q4 outlook as its share losses persist.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CROX:
- Crocs downgraded to Neutral from Overweight at Piper Sandler
- Crocs Faces Growth Challenges Amid Declining Stock Value and Ineffective Strategies
- Crocs price target raised to $100 from $89 at Needham
- Crocs Appoints New CFO Amid Leadership Change
- Crocs names Patraic Reagan as CFO, succeeding Susan Healy