Bank of America Securities analyst Christopher Nardone reiterated a Buy rating on Crocs (CROX – Research Report) today and set a price target of $150.00.
Christopher Nardone has given his Buy rating due to a combination of factors including the recent managerial changes within Crocs, particularly the appointment of Terence Reilly as EVP and President for the Heydude brand. Nardone recognizes the significance of Reilly’s previous tenure at Crocs, where he served in senior marketing roles and as Chief Marketing Officer, bringing valuable experience that could help scale the Heydude brand. Nardone sees Reilly’s return as a strategic move that aligns with Crocs’ long-term goals, especially given Reilly’s track record of operational success, highlighted by his achievements at Stanley, where sales surged under his leadership.
Moreover, Nardone’s rating is bolstered by the belief that Reilly’s appointment will positively impact Crocs’ efforts to revitalize the Heydude brand. Reilly’s proven expertise in brand marketing and his familiarity with Crocs’ corporate culture and CEO Andrew Rees are viewed as assets that will facilitate Heydude’s domestic and international expansion. With Reilly at the helm, Nardone anticipates that Heydude will effectively implement Crocs’ successful strategies, such as engaging in collaborations and introducing new product silhouettes to the market, reinforcing the optimistic outlook for Crocs’ stock and reaffirming it as Bank of America Securities’ top pick in the footwear sector.
In another report released on April 9, Piper Sandler also reiterated a Buy rating on the stock with a $140.00 price target.
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Crocs (CROX) Company Description:
Crocs, Inc. engages in the design, development, manufacturing, worldwide marketing, sale and distribution of casual footwear, apparel, and accessories for men, women, and children. It operates through the following segments: Americas, Asia Pacific and Europe, Middle East & Africa (EMEA). The Americas segment consists of the revenues and expenses related to product sales in North and South America. The Asia Pacific segment includes the revenues and expenses related to the product sales in Asia, Australia and New Zealand. The EMEA segment contains the revenues and expenses related to the product sales in Europe, Russia, Africa and the Middle East. The company was founded by Scott Seamans, George B. Boedecker, Jr. and Lyndon V. Hanson III in 2002 and is headquartered in Niwot, CO.
