Raymond James downgrades Crocs on ‘concerning’ sales declines

As previously reported, Raymond James analyst Rick Patel downgraded Crocs (CROX) to Market Perform from Outperform without a price target The shares in morning trading are up 70c to $112.28. The firm says North America softness, Heydude declines and margin pressure lower visibility and decrease confidence in Crocs’ earnings upside potential. The company’s planned domestic sales declines are concerning, the analyst tells investors in a research note. Raymond James points out Crocs’ North America direct-to-consumer sales are slowing further despite the incremental benefit of Amazon sales year-over-year.