Rocky Brands upgraded to Outperform from Neutral at Baird

Baird upgraded Rocky Brands (RCKY) to Outperform from Neutral with a price target of $40, up from $30. While earnings for active lifestyle brands have been hit by tariffs in 2025, higher costs and sales risks now appear well embedded in the shares post the Q2 reports, the analyst tells investors in a research note. The firm views back to school spending as encouraging, and sees potentially better macro conditions and investor sentiment into 2026. Baird upgrades Rocky as a “higher-beta idea.”