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B. Riley starts Crocs, Chico’s at Buy, Rocky Brands at Neutral

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In a slate of initiations on Thursday, B. Riley Financial sees upside for both Crocs (NASDAQ:CROX) and Chico’s FAS (CHS) in apparel manufacturing.

In multiple initiation notes issued on Thursday, equity analyst Jeff Lick indicated the

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Lick started more cautious coverage of Rocky Brands (RCKY), assigning the stock a Neutral rating and a $28 price target.

“RCKY is a high-beta situation due to operational leverage at current sales levels, financial leverage, excess inventory levels, external industry challenges, internal sales and margin opportunities, and a low share count that magnifies everything,” he explained. “We see numerous scenarios where upside may prevail. Our caution stems from what appears to be an over-inventoried position in the work and western footwear channel, along with a consumer environment that is starting to reflect a consumer being forced to make difficult consumption choices, trade downs, and substitutions.”

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