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Fly News Breaks for June 14, 2019
Jun 14, 2019 | 06:11 EDT
Piper Jaffray analyst Erinn Murphy lowered her price target for Crocs to $22 from $31 to better align the multiple with peer footwear brands. However, after meetings with management and the stock's recent pullback, the analyst is "more intrigued." The tone of management was confident into the second half of they believe their tariff risk can be managed, Murphy tells investors in a research note. The analyst, however, wants to spend more time with upcoming product and gain a better appreciation for Crocs' multi-year sales potential before revisiting her rating. Murphy keeps a Neutral rating on the shares.
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