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Crocs (CROX) PT, Estimates Cut at Piper Jaffray Ahead of Q4 Print

February 23, 2015 7:00 AM EST
Get Alerts CROX Hot Sheet
Price: $143.48 +0.32%

Rating Summary:
    19 Buy, 9 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 11
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Piper Jaffray analyst Erinn Murphy reiterated a Neutral rating while cutting her price target on Crocs (NASDAQ: CROX) to $10.00 (from $13.00) Monday ahead of Q4 results Thursday afternoon.

Murphy notes with 65% of Crocs' business OUS, macro headwinds and FX are clouding near-term profitability.

"Specifically, we believe weak international footwear trends will weigh on Q4 and are lowering our EPS from ($0.35) to ($0.39) vs. the Street's ($0.30)," she said. "In addition, we are incorporating incremental 1H sales and gross margin pressure tied to likely supply disruptions owing to west coast port congestion. On the upcoming Q4 call, we would expect newly appointed CEO Gregg Ribatt to update the company's progress on the longer-term turnaround prospects. While we are favorable of the newly assembled mgmt team, we believe Spring 2016 will likely be a more indicative season of the progress underway."

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 $10.75 yesterday.



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Piper Jaffray, Erinn Murphy