Piper Sandler is Backing This Stock to Rally Alongside Alphabet (GOOGL) and Tesla (TSLA)

October 11, 2021 1:18 PM EDT
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Price: $2,751.33 -3.04%

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    31 Buy, 2 Hold, 0 Sell

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    Up: 16 | Down: 18 | New: 32
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Craig Johnson, Piper Sandler’s chief market technician, has identified three stocks that have “meaningful upside to the fundamental price objectives,” he told CNBC.

These three stocks are Alphabet (NASDAQ: GOOGL), Tesla (NASDAQ: TSLA), and Crocs (NASDAQ: CROX).

On GOOGL stock, Johnson mentions a positive price trend, relative outperformance and strong fundamentals as reasons to buy shares.

On Tesla stock, Johnson sees “a lot of upside” as the stock has “likely reversed a downtrend.”

“We’re now challenging some highs around $763 and we’re setting ourselves up to go back and retest the old high,” Johnson told CNBC.

Finally, the firm’s price target on Crocs - a Street high of $212.00 per share - implies near 65% in upside potential.

“Crocs right now is rechecking the lower end of an upper trending channel, putting up decent relative strength. … The chart again looks very constructive and should be bought,” the analyst added.

Last week, Piper Sandler analyst Erinn Murphy reiterated an Overweight rating and $212.00 price target on Crocs after the 42nd “Taking Stock With Teens” survey showed the company scored its highest ranking ever in the history of the survey.

"We were encouraged that Crocs saw gains across all slices of the data: upper & average teens, males & females. Among females, it ranked No. 5, up from No. 9 LY. This feat is remarkable, given the unaided nature of the survey, considering Nike captures the vast majority of share & in view of Crocs' No. 34 rank just five years ago,” Murphy said in a client note.

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