Rocky Brands price target lowered to $25 from $28 at B. Riley

B. Riley lowered the firm’s price target on Rocky Brands to $25 from $28 and keeps a Neutral rating on the shares after the company reported weaker-than-estimated top and bottom line results in Q1. Despite sell-throughs at most retailers being up year-over-year, most key accounts are not replenishing at the same rate, notes the firm, which believes retailers are being extremely cautious and selling down existing inventory.