UPDATE: Goldman Sachs Downgrades Crocs to Neutral, Lowers PT Following Removal from Conviction List

In a report published Thursday, Goldman Sachs analyst Taposh Bari downgraded the rating on

from Conviction List-Buy to Neutral, and lowered the price target from $19.00 to $14.00. In the report, Goldman Sachs noted, “CROX reported adjusted 2Q13 earnings of $0.49, below our $0.69 expectation and $0.64 consensus. The miss was attributable to steeper discounting as in-line sales came at the expense of weak gross margins. We revise 2013/2014/2015 estimates to $1.06/$1.06/$1.14 from $1.51/$1.80/$2.05 on 1) weaker sell-through, 2) slower sales growth, 3) higher SG&A and 4) less visibility. As such, we revise our 12-month price target from $19 to $14. Since added to the Buy List on 11/27/12, CROX is +26% vs. the Russell 2000 Index +29%. Over the last 12 months CROX is +22% vs. the Russell 2000 Index +36%.” Crocs closed on Wednesday at $16.98.