Loop Capital downgraded Crocs (CROX) to Hold from Buy with a price target of $110, down from $150. The firm says that while the stock’s valuation is attractive, it sees downside risk to 2025 estimates. Crocs recently issued a Q4 outlook for slowing sales in both segments, which is the second consecutive quarter with a disappointing sales outlook, the analyst tells investors in a research note. Loop believes these concerns are magnified by the problems HeyDude is facing even as it faces easy compares. Loop’s channel checks with wholesale customers indicate “little enthusiasm” for HeyDude.
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