Rocky Brands, Inc. ( NASDAQ: RCKY ), is a footwear and apparel designer and manufacturer, which I believe may be undervalued and under-appreciated in the market. The context of this under-appreciation is primarily due to the low analyst coverage, low market capitalization and low growth. This undervaluation is especially displayed through the P/Book multiple of 0.9x. In terms of scope, my price target for Rocky Brands is $25.70, an implied upside of 71%. The main catalysts are management focus on competitive advantages and a more-efficient use of capital, along with any added benefits from more analyst coverage. Downside risk is assessed to be at a safe 42% margin of safety. The time frame of this investment is 3-5 years, as it will take time for catalyst realization in the market.