Stifel ‘opportunistically’ upgrades Crocs to Buy, trims target to $130

Stifel analyst Jim Duffy upgraded Crocs to Buy from Hold with a price target of $130, down from $140, telling investors that the firm is “opportunistically” upgrading the shares following Q2 results that “were a mixed bag. However, the firm argues “positives outweigh the negative” and the nearly 15% reset in shares “presents an opportunity.” The firm sees factors “showcasing improved balance and increasing our confidence into FY24,” citing profit pool diversification, improved balance sheet optionality, and “a very forgiving valuation.”