UPDATE: Goldman Sachs Initiates Crocs at Buy on Value, Catalysts
Goldman Sachs initiated coverage on Crocs (NASDAQ: CROX) with a Buy rating and a $17 price target.
Goldman Sachs commented, "We think 3Q12 nicely reset expectations ahead of the company's core spring/summer selling season. Accelerating backlog growth reinforces customer confidence ahead of the company's strongest and highest margin season. Although management guided to 10%-15% sales growth with 14%-15% operating margins for 2013, it did not provide an explicit EPS target as it did these past six months. With the Street now at $1.56 (vs. $1.74 pre 3Q) for 2013 EPS, we see an opportunity for CROX to guide up and exceed expectations as it enters its key 1H selling season."
Crocs closed at $12.35 on Monday.
Latest Ratings for CROX
|Apr 2016||Stifel Nicolaus||Downgrades||Buy||Hold|
|Oct 2015||Sterne Agee CRT||Downgrades||Buy||Neutral|
|Oct 2015||Piper Jaffray||Downgrades||Overweight||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.