After Loop Capital analyst Laura Champine upgraded Crocs’ stock from a hold rating to buy on July 6, shares of the casual footwear company rose 5.3 percent as of 10:30 a.m. ET.
With the upgraded rating, Champine put a price target on the stock of 75 dollars.
Champine said in an investor note: “We are willing to step in despite the dodgy macro environment. Our checks point to healthy sell-through and normal discounting at the end of the quarter. We think the Hey Dude acquisition may accelerate the overall long-term growth rate given CROX's ability to sell the brand into its legacy distribution, and we are seeing some success in the family channel.”
Crocs stock is down 56 percent over the past 12 months.
In its first quarter results statement, Crocs said that the company’s consolidated revenues of 660.1 million dollars increased 43.5 percent or 46.7 percent on a constant currency basis.
The company also raised its outlook for the year ahead and now expects revenues for FY22 to be approximately 3.5 billion dollars, representing growth between 52 percent and 55 percent compared to 2021.