Standpoint Research Upgrades Crocs (CROX) to Accumulate
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Price: $86.00 +3.25%
Rating Summary:
16 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
16 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Standpoint Research upgraded Crocs (NASDAQ: CROX) from Hold to Accumulate with a $22 price target.
The firm comments "CROX is a name we first recommended at $5.46 on November 9, 2009. We dropped the name three months later on February 11, 2010 at $7.59 with a 39% gain in a down market and I was feeling quite good about myself. Little did I know, the stock would jump another 125% after we closed the position out. CROX started clicking on all cylinders, blew away my optimistic projections and never gave us a chance to get back in (until now). The shares have dropped 15% in the last week because of what happened in Japan."
We think the market has over-reacted and given us a chance to get back in. Asia is a big market for CROX as one-third of its sales come from there (and one-third of Asian revenue is from Japan). CROX does lease a warehouse near Tokyo, but it has not been impacted by the earthquake
I would not jump in with both feet and am attaching (only) our second highest rating at this time. The company has $1.50 in earnings potential looking out to 2012-2013 and we would attach a 15X multiple to that in order to get to our price target. The all-time high on CROX is $66 (2007) and peak earnings were $2.00 (2007)."
For more ratings news on Crocs click here and for the rating history of Crocs click here.
Shares of Crocs closed at $17.14 yesterday.
The firm comments "CROX is a name we first recommended at $5.46 on November 9, 2009. We dropped the name three months later on February 11, 2010 at $7.59 with a 39% gain in a down market and I was feeling quite good about myself. Little did I know, the stock would jump another 125% after we closed the position out. CROX started clicking on all cylinders, blew away my optimistic projections and never gave us a chance to get back in (until now). The shares have dropped 15% in the last week because of what happened in Japan."
We think the market has over-reacted and given us a chance to get back in. Asia is a big market for CROX as one-third of its sales come from there (and one-third of Asian revenue is from Japan). CROX does lease a warehouse near Tokyo, but it has not been impacted by the earthquake
I would not jump in with both feet and am attaching (only) our second highest rating at this time. The company has $1.50 in earnings potential looking out to 2012-2013 and we would attach a 15X multiple to that in order to get to our price target. The all-time high on CROX is $66 (2007) and peak earnings were $2.00 (2007)."
For more ratings news on Crocs click here and for the rating history of Crocs click here.
Shares of Crocs closed at $17.14 yesterday.
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