Crocs Inc. shares fell 4.2% in Wednesday trading after the stock was downgraded to hold from buy at Stifel. "Shares have re-rated since our mid-December upgrade and we now believe adequately discount FY19 earnings capacity," analysts wrote. The downgrade reflects "the more balanced risk/reward." Stifel raised its price target to $17 from $16. Susquehanna Financial Group analysts led by Sam Poser question whether fiscal year 2020 earnings can reach $1 per share or more, as the stock price implies. "We believe such EPS, while unrealistic for Crocs, is currently reflected in the stock's ~24.5x P/E multiple," Susquehanna wrote in a note. Still, analysts credit Crocs for "continuing to fix the business." Susquehanna rates Crocs shares negative with a $12 price target. Crocs first-quarter earnings and sales exceeded expectations with strength in e-commerce offsetting lost revenue from store closures and other business model changes. Crocs shares are up 23% for the year to date while the S&P 500 index is up 0.2% for the period.