Crocs (CROX) Well Positioned Despite FX Headwinds - Imperial Capital

April 29, 2013 12:25 PM EDT
Get Alerts CROX Hot Sheet
Price: $7.18 +0.84%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Imperial Capital trimmed estimates but reiterated an Outperform rating and $18 price target on Crocs (NASDAQ: CROX) following Q1 results last week.

Analyst Lee J. Giordano comments, "We believe Crocs is well positioned to generate double-digit sales and EBITDA growth over the coming years given continued efforts to broaden its product assortment, aggressively grow its specialty retail store footprint, further develop its internet business, and move into new geographies globally."

He continued, "In our view, valuation looks attractive with the stock trading at a significant discount to its peers and its historical average. Near-term risks include the difficult external environment and currency impacts, which we believe could limit upside to earnings in 2013."

The firm lowered 2013 and 2014 pro forma EPS estimates by $0.11 and $0.08, respectively to $1.46 (+4%) and $1.68 (+15%), primarily reflecting foreign exchange (FX) headwinds in 2013.

For an analyst ratings summary and ratings history on Crocs click here. For more ratings news on Crocs click here.

Shares of Crocs closed at $15.93 yesterday.

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