‘Almost everybody’ in the U.S. has a pair of clogs. BofA analysts say there’s still a lot to like about Crocs.

Shares of Crocs Inc. are down more than 30% over the past 12 months, with its U.S. consumers and retailers continuingly worried about inflation and tariffs. During a conference this month, the clog and sandal maker’s chief executive said “almost everybody” in the U.S. already had a pair of clogs, and that the category was “well penetrated.”

But BofA analysts, in a note on Monday, said there is still a lot to like about the company — including opportunities for bigger growth internationally and within its own stores and e-commerce network. And they noted that greater caution among the U.S. retailers who sell Crocs was already was priced into the company’s shares

CROX.