UPDATE: Stifel Nicolaus Lowers PT on Crocs to $21

Stifel Nicolaus is out with its report today on Crocs (NASDAQ: CROX), lowering its PT from $35 to $21.

In its report, Stifel Nicolaus writes, "We are revising our FY11 revenue and EPS estimates from $1,027mn and $1.42 to $999mn and $1.21. Our FY12 estimates go from $1,206mn and $1.60 to $1,148mn and $1.40. Our 12-month price target to $21 represents a 15X multiple on our FY12 EPS estimate."

Stifel Nicolaus maintains Buy on CROX.

At the time of posting, shares of CROX were trading pre-market at $17.49, down 34.35% from Monday's close.