Rocky Brands "neutral," target price reduced

10/24/07 - Robert W. Baird

NEW YORK, October 24 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Rocky Brands Inc (RCKY), while reducing their estimates for the company. The target price has been reduced from $11 to $8.

In a research note published this morning, the analysts mention that the company has reported its 3Q07 EPS significantly short of the consensus and the estimates. Rocky Brands, however, continued to post improved retail and wholesale sales and operating margins in the latest quarter, the analysts add. The company has guided to FY07 sales and EPS of $280 million and $0.30, respectively. The EPS estimates for FY07 and FY08 have been reduced from $1.25 to $0.39 and from $1.50 to $0.70, respectively.