Movement Alert|Crocs Rises 5.34% in Regular Trading, Piper Sandler Upgrades Rating to Overweight with $150 Target

Market Focus06-26

On June 26, Crocs rose 5.34% in regular trading, trading at $124.76/share, with turnover of $23.14 million.

On the news front, Piper Sandler upgraded Crocs from Neutral to Overweight and raised its price target significantly from $95 to $150. This marks the second major investment bank upgrade in recent weeks — Baird similarly upgraded the stock from Neutral to Outperform in early June with a $150 target, when shares rose over 2%. According to FactSet, Crocs now carries an average analyst rating of Overweight with a mean price target of $126.

Fundamentally, the upgrades are underpinned by strong Q1 results reported in late April, with adjusted EPS of $2.99 beating the $2.77 consensus by approximately 8%, while revenue of $921.5 million also exceeded the $900.9 million estimate. The company guided full-year adjusted EPS to $13.20-$13.75, well above prior Street expectations. Additionally, the company has been executing a $100 million cost savings plan announced earlier, aimed at enhancing operational efficiency across supply chain management and digital transformation.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment