Crocs Upgraded: Analyst Sees Stabilizing HEYDUDE Growth And Overall Revenue Increase In 2024
Portfolio Pulse from Shivani Kumaresan
Raymond James analyst Rick Patel upgraded Crocs Inc (NASDAQ:CROX) from Outperform to Strong Buy and increased the price target from $98 to $115. Patel forecasts a 10.3% revenue growth for FY23, aligning with the street view, and raised FY24 revenue growth estimates to 4% from 3%. The analyst expects HEYDUDE's growth to stabilize and return to growth in the second half of 2024. The stock's recent rise post-Q3 earnings suggests further upside, with Patel predicting a total revenue growth of 5.5-6% and an EPS of $12.65+ for FY24. CROX shares were up 4.51% at $100.50.
November 28, 2023 | 5:31 pm
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Crocs Inc was upgraded by Raymond James from Outperform to Strong Buy with a price target raised from $98 to $115. The analyst predicts a revenue growth of 10.3% for FY23 and an increase to 4% for FY24, with HEYDUDE's growth stabilizing in 2H24. The stock rose 4.51% to $100.50.
The upgrade by Raymond James, along with the raised price target, reflects a positive outlook on Crocs' future performance, particularly with the expected stabilization of HEYDUDE's growth. The analyst's expectations exceed the street view, indicating a strong confidence in the company's potential to outperform. The recent stock price increase further supports the positive sentiment, suggesting that the market is reacting favorably to the company's prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100