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 affecting Crocs’s financial outlook and market position. The company’s sales and EPS are expected to hit the upper end of the guidance, with potential to exceed those expectations, particularly due to strong momentum in Crocs’s core business. The international segment, which accounts for a significant portion of sales, is anticipated to drive much of this growth, especially in the Asian markets. Nardone’s positive outlook is further underscored by Crocs’s compelling value proposition and its ability to navigate a potentially softer US consumer environment.
Furthermore, the report indicates confidence in the management’s strategy, especially with the return of Terence Reilly to oversee the Heydude brand, which is expected to foster medium-term success. Recent industry trends in the US wholesale footwear sector also seem favorable, suggesting a positive environment for Crocs’s wholesale operations. These elements collectively contribute to the $150 price objective set by Nardone, which is based on a 9.5x EV/EBITDA multiple for the year 2024, reflecting an optimistic stance on Crocs’s future performance.
According to TipRanks, Nardone is a 4-star analyst with an average return of 15.8% and a 62.50% success rate. Nardone covers the Consumer Cyclical sector, focusing on stocks such as Crocs, Carter’s, and Skechers USA.
In another report released on April 29, Stifel Nicolaus also maintained 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.
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