UPDATE: Sterne Agee Downgrades Crocs to Underperform, Names $10 PT on Raised Concerns, Lowered Estimates

In a report published Thursday, Sterne Agee analyst Sam Poser downgraded the rating on

from Neutral to Underperform, and named a $10.00 price target. In the report, Sterne Agee noted, “Vacate positions in CROX: There is a global senior leadership void. 3 of 5 regions have no director. CROX is selling Crosslite products to Backjoy.com. on terms that may not be at arms' length. Lowering '13/'14 EPS estimates from $1.01/ $1.33 to $0.99/$1.20.” Crocs closed on Wednesday at $14.01.