Piper Sandler analyst Abbie Zvejnieks raised the firm’s price target on Crocs to $145 from $118 and keeps an Overweight rating on the shares. Coming away from ICR, the analyst thinks consumers are being more selective. However, strong brands with newness and innovation continue to drive demand, Zvejnieks tells investors in a research note. She believes the promotional environment will continue to be a headwind through the first halve of 2023 as excess inventory is cleared. The analyst feels confident in the health of underlying demand for both Crocs and Hey Dude.
Published first on TheFly
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Read More on CROX:
- Crocs price target raised to $155 from $150 at Baird
- Crocs, Inc. Expects Record Annual Revenues of ~$3.55B, Up ~53%
- Crocs sees 2023 revenue $3.9B-$4.0B, consensus $3.92B
- Crocs raises 2022 revenue view to $3.55B from $3.455B-$3.52B, consensus $3.51B
- Wolverine World Wide downgraded to Neutral from Overweight at Piper Sandler