Crocs (CROX) PT Lowered to $144 at BofA Securities

BofA Securities analyst Chris Nardone lowered the price target on Crocs (NASDAQ: CROX) to $144.00 (from $147.00) while maintaining a Buy rating.

The analyst comments "We are lowering our 1Q EPS by $0.23 to $2.57 (8% below cons) to reflect increased SG&A and updated FX rates due to the recent USD strength. Our forecasts reflect timing impacts affecting sales (Easter shift into 2Q, lapping leap year), HD sales growth down more than 4Q, and a wrap around in investments at both brands, particularly HD marketing and talent. We expect margins will sequentially improve starting in 2Q and more so in 2H as CROX begins to lap the outsized HD investments. We are reducing our PO by $3 to $144 to reflect 11.5x P/E (unchanged) on our lower F25 EPS of $12.50 (prev. $12.84."

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