Crocs Inc CROX:NASDAQ

Last Price$76.97Cboe Previous Close - Real-Time Last Sale as of 4:00PM ET 8/18/22
Cboe Real-Time Quotes
Today's Change0(0.00%)
Bid (Size)$74.00 (1)
Ask (Size)$75.98 (100)
Day Low / HighN/A - N/A
Volume5.6 K

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Crocs, Inc.

8:45AM ET 5/05/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month price target of $175 based on 16.7x our 2022 EPS estimate and below the company's 3-year average forward P/E ratio of 18.6x. We maintain our 2022 and 2023 EPS estimates of $10.50 and $12.50, respectively. CROX posts Q1 normalized EPS of $2.05 vs. $1.49, $0.50 above consensus estimates on revenues of $660M vs. $460M and $38M above estimates. The Crocs brand grew 18.5% or 21.7% on a constant currency (CC) basis, while the HEYDUDE brand had revenue of $115M during the quarter post-acquisition. CROX expects HEYDUDE to contribute $750M to $800M to the top line in 2022. Crocs direct-to-consumer revenues grew 19.7% on a CC basis, while Crocs digital grew 23.5% on a CC basis. Crocs Q1 gross margin compressed 60 bps to 54.4% as the company continued to use air freight to offset supply chain issues. CROX is now our top pick in retail as shares have been under extreme pressure since the acquisition. We believe downside risks are overblown with shares now trading under 8.0x our 2022 EPS estimate.