Standpoint Research Upgrades Crocs (CROX) to Buy
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Price: $121.60 +0.43%
Rating Summary:
20 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
20 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Standpoint Research upgraded Crocs (NASDAQ: CROX) from Hold to Buy, with a $21 price target.
The firm comments, "We have put out nearly 500 recommendations since 2003 and have never (aside from CROX) gone in-and-out of a name more than three times. This is the fifth time we are going into CROX and this might be the best trade of the five when all is said and done. We downgraded CROX on valuation on Friday morning -- Today it is down 37% in what is a clear example of a market over-reaction to bad news. We never used consensus estimates for growth rates on CROX and that is why we did not get burned (although we were a bit lucky on the timing with the Friday downgrade). CROX has $1.50-$1.75 in earnings power looking out to 2013-2014 and we would attach a conservative 12X-14X multiple to that."
For more ratings news on Crocs click here and for the rating history of Crocs click here.
Shares of Crocs closed at $26.64 yesterday.
The firm comments, "We have put out nearly 500 recommendations since 2003 and have never (aside from CROX) gone in-and-out of a name more than three times. This is the fifth time we are going into CROX and this might be the best trade of the five when all is said and done. We downgraded CROX on valuation on Friday morning -- Today it is down 37% in what is a clear example of a market over-reaction to bad news. We never used consensus estimates for growth rates on CROX and that is why we did not get burned (although we were a bit lucky on the timing with the Friday downgrade). CROX has $1.50-$1.75 in earnings power looking out to 2013-2014 and we would attach a conservative 12X-14X multiple to that."
For more ratings news on Crocs click here and for the rating history of Crocs click here.
Shares of Crocs closed at $26.64 yesterday.
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