Group 1 - Crocs Inc. shares fell over 4% after Piper Sandler downgraded the stock to Neutral from Overweight and reduced the price target from $95 to $75 [1] - Piper Sandler noted that Crocs shares are not expensive at 7–8x earnings and identified $50 million in savings opportunities [1] - Concerns were raised due to weak demand trends in the U.S. and strategic adjustments at Crocs and HeyDude brands [1] Group 2 - Piper Sandler highlighted risks from reduced discounting and lower performance marketing, viewing these as defensive strategies rather than indicators of stronger margin health [2] - The firm projected below consensus sales for 2026 and identified potential downside risks to fourth-quarter guidance [2]