Clarus downgraded to Neutral from Buy at BofA

BofA analyst Alexander Perry downgraded Clarus to Neutral from Buy with a price target of $10, down from $12. The analyst sees risk to the company’s second half of 2023 guidance, which implies an acceleration in revenue. The outlook assumes North America wholesale destocking slows open-to-buy dollars improve against a macro backdrop that could be sequentially worse for big tick purchases, the analyst tells investors in a research note.