Crocs Stock Slips Following Piper Sandler Downgrade Check Out The New Price Target

Crocs (CROX) shares fell over 3% in early trading on Monday after Piper Sandler downgraded the stock to 'Neutral' from 'Overweight,' noting that the shares are likely to be range-bound until the company's sales stabilize.

Piper Sandler also cut its price target of $75, down from $95, according to TheFly. The firm 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. Retail sentiment on Crocs dipped to 'bearish' from 'neutral' territory a day ago, with message volumes at 'normal' levels, according to data from Stocktwits.

In August, Crocs CFO Susan Healy stated that the company anticipates its namesake brand sales to decline by mid-single digits in the third quarter, primarily due to decreases in North America, which will be partially offset by growth in international markets.

Piper Sandler said that 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.

The firm noted that there is a risk to Crocs' fourth-quarter outlook as its share losses persist. Healy had noted in August that the company expected the second-half wholesale environment to be challenging for both brands, based on the visibility it has in current order books.

Shares of Crocs have declined by over 29% this year and have fallen 46% in the last 12 months.

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