Top Watch D/G #2 Quiksilver downgraded to Hold at Stifel; wholesale challenges and strategy shift a thesis buster $ZQK

       Stifel downgrades ZQK to Hold from Buy. Execution to supply chain and
expense rationalization potential has been largely on track but severe
compression in wholesale revs in the U.S. and Europe has challenged the
flow-through to earnings power. While firm continues to believe in the heritage
equity of the brand portfolio, it views a stated change in strategy to compete
for share on price as short-term focused and likely to prove to be brand
dilutive.