Crocs initiated with bullish view at BofA, here’s why

BofA initiated coverage of Crocs with a Buy rating and $128 price target. The Crocs business has strong momentum but has been obscured by the lackluster performance and market challenges facing the HeyDude brand, the analyst tells investors in a research note. However, the firm thinks this is now priced into the shares. It calls Crocs a “rebound story at a broker multiple.”