Crocs Upgraded: Analyst Sees Stabilizing HEYDUDE Growth And Overall Revenue Increase In 2024

Benzinga ·  11/29/2023 01:31

Raymond James analyst Rick Patel upgraded the rating on the shares of Crocs Inc (NASDAQ:CROX) from Outperform to Strong Buy and raised the price target from $98 to $115. The analyst models CROX's FY23 revenue at 10.3% growth, in line with the street view. The analyst raised FY24 revenue estimation to +4% from +3% to reflect stronger momentum continuing at Crocs versus the street view of +4.5%. When considering the range of FY24 growth outcomes possible for Crocs and HEYDUDE, the analyst believes the estimates are achievable and likely beatable. The analyst writes that Crocs has strong momentum through international, product diversification and brand heat. The analyst

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