KeyBanc lowered the firm’s price target on Crocs (CROX) to $120 from $150 and keeps an Overweight rating on the shares. Though still growing, Crocs momentum in key geographies has started to slow, and the HEYDUDE business continues to be an overhang on overall growth and profitability, the firm says. KeyBanc continues to monitor HEYDUDE’s inflection timeline, but sees risk to initial FY25 estimates if softness persists past the first half of 2025. Nonetheless, the firm thinks risk/reward is positive.
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