This morning, Jefferies lowered its price target on shares of Tumi (NYSE:TUMI) to $28 following lower-than expected earnings and guidance from the luggage company. In the report, Jefferies lowered its EPS estimates, but maintained its buy rating. Shares of Tumi were lower by more than 11% on the news.
Sterne Agee downgraded shares of Crocs (NASDAQ:CROX) to an underperform rating following the news that the company failed to disclose a licensing deal with an ex-executive. With the downgrade, Sterne Agee set a $10 price target. Shares of Crocs were headed lower on the news, falling nearly 6%.
And KeyBanc downgraded shares of Stanley Black & Decker (NYSE:SWK) to a hold rating as the stock lacks the near-term catalyst to propel it higher. KeyBanc noted that it still likes the long-term prospects for SWK. Shares were relatively flat on Thursday, trading just under $86 per share.
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