In a report released today, Mitch Kummetz from Pivotal Research reiterated a Buy rating on Crocs (CROX), with a price target of $35. The company’s shares closed yesterday at $27.85.
Kummetz wrote:
“We’re optimistic that 1Q sales/EPS will come in better than plan, mainly because we believe CROX set allow bar on the quarter. 1Q is a big wholesale quarter, driven by the sell-in of spring orders, and we believe CROX had a very healthy backlog going into 1Q. We also believe that 1Q direct sales were solid, driven by continued strength of the Crocs brand, partially offset by the shift of 1 st last year to April 21 st this year. Additionally, for FY19, we’re optimistic that CROX can exceed its guidance for the year, assuming continued brand momentum, but this is something that we’ll need to monitor very closely, in real time, as the year progresses. The company’s biggest hurdle is its 3Q comparison, especially in its direct channel, as BTS demand was surprisingly strong a year ago.”
According to TipRanks.com, Kummetz is a 4-star analyst with an average return of 6.8% and a 64.0% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.
Currently, the analyst consensus on Crocs is a Moderate Buy with an average price target of $31.80, representing a 14.2% upside. In a report released yesterday, Susquehanna also reiterated a Buy rating on the stock with a $35 price target.
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Based on Crocs’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $10.89 million. In comparison, last year the company had a net profit of $14.36 million.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2019, Thomas Smach, a Director at CROX sold 10,000 shares for a total of $267,100.
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Crocs, Inc. engages in the design, development, manufacturing, worldwide marketing, sale and distribution of casual footwear, apparel, and accessories for men, women, and children. It operates through the following segments: Americas, Asia Pacific and Europe, Middle East & Africa (EMEA).
