Pivotal Research Remains a Buy on Crocs (CROX)


Pivotal Research analyst Mitch Kummetz reiterated a Buy rating on Crocs (NASDAQ: CROX) today and set a price target of $21. The company’s shares opened today at $17.34.

Kummetz said:

“We’ve covered CROX since its 2006 IPO, and, while a full history lesson is not necessary, it’s worth noting that CROX was once very broadly distributed in the mall. This distribution eventually vanished, when the brand lost momentum, and CROX became more or a mid-tier and family channel brand. Getting back in the mall is not only good for CROX in terms of incremental sales but also from the standpoint that up-channel distribution is good for the brand, creating a halo that would likely benefit CROX across all channels.”

According to TipRanks.com, Kummetz is a 1-star analyst with an average return of -0.6% and a 54.5% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.

The word on The Street in general, suggests a Hold analyst consensus rating for Crocs with a $18.75 average price target.

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Based on Crocs’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $14.36 million. In comparison, last year the company had a net profit of $19.12 million.

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Crocs, Inc. engages in the design, development, manufacturing, worldwide marketing, and distribution of casual footwear, apparel, and accessories for men, women, and children. The company was founded by Scott Seamans, George B. Boedecker, Jr. and Lyndon V. Hanson III in 2002 and is headquartered in Niwot, CO.

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