Crocs Shares Fall 4% As Piper Sandler Downgrades To Neutral

Crocs Inc. (NASDAQ: CROX) shares slipped more than 4% on Monday after Piper Sandler downgraded the stock to Neutral from Overweight and lowered its price target to $75 from $95.

The firm said while Crocs shares did not appear expensive at 7-8x earnings and the company had identified $50 million in savings opportunities, weak demand trends in the U.S. and strategic adjustments at both Crocs and HeyDude brands raised concerns.

Piper Sandler cited risks from reduced discounting and lower performance marketing, calling them defensive strategies rather than signs of stronger margin health. The firm said it was below consensus for 2026 sales and saw potential downside risk to fourth-quarter guidance.