D.A. Davidson Starts Rocky Brands (RCKY) at Neutral
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D.A. Davidson initiates coverage on Rocky Brands (Nasdaq: RCKY) with a Neutral rating and $6 price target.
The firm said shares of Rocky Brands look relatively cheap trading at 9.4x its FY08 EPS estimate, a significant discount from its peer group average multiple of 13.6x. At the same time, D.A. Davidson points out that the Company's results have been inconsistent in a very challenging environment and cannot see any major catalysts that could boosts shares of Rocky Brands.
Rocky Brands, Inc., together with its subsidiaries, engages in the design, manufacture, and marketing of footwear under the Rocky Outdoor Gear, Georgia Boot, Durango, Lehigh, and Dickies brand names. [BCS]
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