Crocs is moving higher after Loop Capital analyst Laura Champine upgraded the shares to Buy from Hold with an unchanged price target of $75. Channel checks point to “healthy sell-through and normal discounting” at the end of the quarter, Champine tells investors in a research note. The analyst thinks Crocs’ Hey Dude acquisition may accelerate its long-term growth rate given its ability to sell the brand into its legacy distribution. She’s seeing “some success” in the family channel and believes the younger customer is devoted to the brand and driving higher prices with add-on Jibbitz decorative attachments. As such, Champine recommends buying Crocs “despite the dodgy macro environment.” “Supply chain concerns have eased, and Crocs should be fully able to meet consumer demand, writes Champine. The stock in afternoon trading is up 9% to $52.42.
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