Crocs (CROX) PT Raised to 'Street High' $53 at Piper Sandler on 'Bieber Fever'

Piper Sandler analyst Erinn Murphy raised the price target on Crocs (NASDAQ: CROX) to a 'Street High' $53.00 (from $48.00) while maintaining an Overweight rating after observing the hype around the latest Crocs from Justin Bieber.

After launching the Justin Bieber shoe on the "drewhouse" site (JB's lifestyle line) and Crocs.com, wthin 2 minutes on thehouseofdrew.com, the allocation was sold out. On Crocs.com the "get in line" service crashed for the 12pm ET drop, and was moved back to 1pm ET when it sold out in 85minutes.

"While this was longer vs. the 16-minute sell out of Bad Bunny, we believe the allocation is much deeper for this collab," the analyst commented. "Importantly, we picked up there will be another Bieber drop tomorrow in Europe online. Finally, recall that the company indicated that both China & Korea will be getting this collab in stores. We believe this is the broadest global collab to-date."

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