B.Riley Securities analyst Jeff Lick has downgraded Crocs Inc (NASDAQ:CROX) to Neutral from Buy and lowered the price target to $101 from $125. The downgrade is due to an over-inventoried footwear channel and weak sales momentum. The analyst sees roughly $2.4 billion or 16% more footwear inventory in stores, warehouses, and DCs entering the BTS and fall selling seasons. The analyst also expects EBITDA growth to turn modestly negative in Q3 FY23, Q4 FY23, and Q1 FY24.