NEW YORK ( TheStreet ) -- Rocky Brands (Nasdaq: RCKY ) has been upgraded by TheStreet Ratings from hold to buy. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. Highlights from the ratings report include: Rocky Brands, Inc., together with its subsidiaries, designs, manufactures, and markets footwear and apparel under the Rocky, Georgia Boot, Durango, Lehigh, Mossy Oak, and Michelin brand names. The company has a P/E ratio of 11.3, equal to the average consumer non-durables industry P/E ratio and below the S&P 500 P/E ratio of 17.7.