B. Riley analyst Jeff Lick initiated coverage of Rocky Brands with a Neutral rating and $28 price target. The company is a "high-beta situation" due to its low share count, financial leverage, excess inventory levels and external industry challenges, the analyst tells investors in a research note. The firm is concerned about Rocky’s "over-inventoried position" in the work and western footwear channel, along with the consumer environment.
Published first on TheFly
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